On last week’s blog post we talked about the shortage of home inventory in today’s market. Specifically we looked locally in Lake County. If you missed that, read more here.
As a seller, it probably sounded like good news! As a buyer, you might be wondering what that means for you.
If you’re thinking about buying soon, you should know that today’s market is competitive. The low inventory is leading, in many cases, to a multiple-offer scenario (especially when homes are priced competitively). But, it’s not bad news because when you work with a trusted agent, like us at the Forsythe Group, we can advise you on what a strong offer looks like and help you navigate multi-offer scenarios.
Here are four tips for making your best offer:
Partner with a trusted agent.
PODS notes, “Making an offer on a home without an agent is certainly possible, but having a professional on your side gives you a massive advantage in figuring out what to offer on a house.”
As a team with over 4 decades of experience, we are able to help answer questions regarding the market and advise you on specific homes you’re interested in, when it comes to making your best offer.
In this market, we have seen what’s worked for other buyers in the area and what sellers may be looking for in an offer. This advice is very valuable when it comes to deciding on what offer to make on the home.
Understand your budget.
It’s important to work with a lender who you can trust, can provide the right mortgage for you, understands your situation, and who is willing to answer all of your questions.
Knowing your numbers, what you can afford and what you are comfortable spending is important right now. The best way to understand your budget is to get pre-approved for a mortgage. This helps you be more financially confident and shows sellers you’re serious.
Make a strong but fair offer.
It’s only natural to want the best deal you can get on a home. However, submitting an offer too low has risks.
Realtor.com says, “an offer price that’s significantly lower than the listing price, is often rejected by sellers because they feel insulted… Most listing agents try to get their sellers to at least enter negotiations with buyers by making a counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”
This is why it’s important to lean on your agent, our team, and our expertise to help you stay competitive and find a price that’s fair to you and the seller.
Trust your agent during negotiations.
Once you submit your offer, the seller may choose to counter it. When negotiations start, the agents will communicate and it’s important to understand what matters to sellers.
We are your partner in navigating the details for negotiations. Trust us to lead you through and to help you figure out the best plan.
The bottom line is, today’s market is competitive. Be sure to work with us to help you find the home you’ll love by crafting an offer that stands out.
