5 tips for making your best offer!
Nishant Sondhi
Real Estate Investment Fund Manager | Specialized in Passive Investing for Multifamily & New Developments | Data-Savvy, Transparent, Committed
In today’s market, standing out as a buyer is critical. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams.
Below are five things to keep in mind when it’s time to make an offer.
1. Know Your Budget
Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get?pre-approved?for a loan. As?Freddie Mac?puts it:
“This pre-approval allows you to look for a home with?greater confidence and demonstrates to the seller that you are a serious buyer.”
Showing sellers, you’re serious can give you a competitive edge. It enables you to act quickly when you’ve found your perfect home.
2. Be Prepared To Move Fast
Speed and the pace of sales are contributing factors to today’s competitive housing market. When homes are selling fast, staying on top of the?market?and moving quickly is key. After you’ve worked with your agent to find the home that suits your needs, they’ll help you put together and submit your best offer as soon as possible.
3. A Real Estate Professional Can Lead You to Victory
No matter what the housing market looks like, rely on a trusted real estate advisor. As?Freddie Mac?says:
“The success of your homebuying journey largely depends on the company you keep. . . .?be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller may need can help your offer stand out.
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4. Craft a Strong, Fair Offer
In such a competitive market, emotions and prices can run high. Having an agent to help craft a strong, fair offer is critical in these situations. Your agent can help you understand:
5. Understand the Seller’s Needs, but Resist Waiving Certain Contingencies
When crafting an offer, you’ll want to keep both your best interest and the interest of the seller in mind. Your trusted?real estate advisor?will help you consider which levers you could pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up, like the home inspection.
Freddie Mac?explains:
“Resist the temptation to waive the inspection contingency,?especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
Bottom Line
Today’s competitive housing market makes it more important than ever to make a strong offer on a home. Let’s connect to make sure your offer rises to the top.
About Nishant Sondhi:?Nishant is a Real Estate salesperson in Manhattan and Brooklyn, and specializes in Residential Real Estate. He is passionate about helping buyers and sellers navigate the New York market, and save them thousands of dollars, time and make the process enjoyable. His strong analytical, marketing, and negotiation skills developed during his MBA and over 10 years of sales experience give him a unique edge to best serve his clients.