So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Freddie Mac covered “4 Tips for Making an Offer”in their latest Executive Perspective.Here are the 4 tips they covered along with some additional information for your consideration:
1. Understand How Much You Can Afford
“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”
This ‘tip’ or ‘step’ should really take place before you start your home search process.
As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).
2. Act Fast
“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”
According to the latest Existing Home Sales Report,the inventory of homes for sale is currently at a 3.7-month supply; this is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers tocompete with each otherfor their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.
3. Make a Solid Offer
Freddie Mac offers this advice to help make your offer the strongest it can be:
“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”
Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!
4. Be Prepared to Negotiate
“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.
Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”
If your offer is approved, Freddie Mac urges you to“always get an independent home inspection, so you know the true condition of the home.” If theinspectoruncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.
Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in their market is your best bet in making sure the process goes smoothly. Happy House Hunting!
Author:Tiffany Miller Phone: 602-803-1642 Dated: May 22nd 2017 Views: 304 About Tiffany: ...
About The Bole Group - Phoenix Area Homes For Sale
The Bole Group of Remax Preferred Choice, is a team of real estate agents with a strong motivation to deliver to our clients an unforgettable & professional real estate experience unlike any other. Our goal is to create raving fans with every purchase or sale that keeps them coming back to us as their home ownership needs and goals change. This is achieved through a combination of structured systems and cutting edge real estate technology & strong faith, ethics, morals, and core values. We deliver a consistent & predictably pleasurable experience for both our clients and the team in each home sale.
* Systemized processes to deliver a predictable and successful real estate experience with every client
* Phoenix real estate market knowledge across the entire Valley
* Residential real estate family and real estate investment specialists
* Proven track record of selling homes for top dollar and industry leading success rate
The Bole Group serves the entire Phoenix real estate market, with a focus on West Valley real estate & West Valley homes for sale. Our Westgate office is perfect for those looking for Glendale, AZ homes for sale & our team leaders are Goodyear, AZ real estate agents & Goodyear residents as well.
The team is led by Christopher Bole and his wife, Bettina Riesgo, who is an Associate Broker. Remax Preferred Choice has offices located in Glendale, AZ at Westgate City Center just blocks from the Arizona Cardinals at University of Phoenix stadium, and in Goodyear, Arizona at Estrella Mountain Ranch.
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"What an easy buying experience! You some times hear horror stories about the hardships people go through when buying a home and to my amazement, there was not a single moment throughout my buying process that I thought was hard or challenging. This is all because of Bettina and her immense knowledge and resourcefulness! Not only is she great about letting you know what all your options are on given situations, I feel that she genuinely cares about her clients' best interests. I would recommend her to anyone looking to purchase or sell a home."