Today's real estate market is HOT! There is a lot of buyer interest but low housing inventory. How can you compete with multiple buyers, including cash buyers? Now, more than ever, It's important to know how to make a confident and competitive offer. Here are your KEYS TO SUCCESS for making a winning offer:
- Know What You Can Afford. The best way to know what you can afford is to talk to a mortgage lender who can review your income, work history, assets and credit to determine how much home you can afford. Your lender can get you preapproved for a mortgage. A preapproval means you have gone through the underwriting process and all you will need to close is a purchase & sale agreement and an appraisal! Less than half of homebuyers get a preapproval instead of a pre-qualification, and this difference will set you apart from the other buyers, and give you the clout you want when submitting an offer. It lets sellers know you are a serious, qualified buyer, and gives you a competitive edge.
Partner with an Experienced Realtor. Once you are pre-approved, First Time Homebuyer Advantage will connect you with one of our Realtor partners to help you find your perfect home. Your realtor should be your primary source for answers to the questions you have when you're ready to make an offer, and will walk you through all the aspects of purchasing your home.
According to the National Association of Realtors (NAR), the average property being sold today is receiving more than three offers and is only on the market for a few weeks. It's very important to work with professionals who understand today's competitive real estate market and will help you through the process.
- Make an Offer! When you find your dream home your realtor will help you prepare an offer. Be fair. While everyone wants a good deal, you should rely on your realtor's expertise to prepare a fair offer that will be taken seriously by the seller. Your realtor knows the area and the market value of the home and will help prepare a competitive offer.
- Then What? The seller may accept your offer, or reject it, or counter offer. Stay calm and rely on your experienced realtor. Because you took the time to get pre-approved, you are a strong buyer and can close sooner than someone who is not. Your agent will explain any contingencies or conditions that are set. One contingency you should not waive is the inspection contingency – if an offer is ‘as-is” that means seller won't pay for any repairs, and you don't want buy a home that has hidden issues you may not be able to afford to fix!
- Remember: You took the steps to know what you can afford, and were partnered with an experienced, knowledgeable realtor. Working with our trusted partners will help you navigate today's competitive market and help you find your dream home.
As a special bonus, after closing you will receive CASH BACK from First Time Homebuyer Advantage for using our preferred partners. We strive to make this process as stress-free as possible!