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 dream house doesn’t slip away! 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. Getting a pre-approval for a mortgage 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 confidence knowing that your lender has already approved you for the offer price.
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 is outpacing the home supply making it a competitive buyers market. At TonyDavidsHomes, we are here to make sure you are a well prepared, strong buyer when we submit your offer and start negotiating on your behalf!
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.”
TonyDavidsHomes has been specializing in Central Florida Real Estate since 2003. We are experts in the area and understand how to 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.”
Finding your dream home and submitting an offer are the easy part. Negotiating to a “win” for you is where our talents take over. And once we’ve got you under contract, we can help negotiate we can negotiate repairs that turn up during the professional home inspection.
5. Bottom Line
Whether you’re buying your first home or your fifth, our team is standing by to serve you as experts in the Central Florida market to be sure your home buying process goes smoothly!
Give us a call today to get your house hunting underway!