In the current market, where inventory is relatively low and demand is above average, a competitive offer is a necessity to have any chance of being accepted. There will likely be multiple offers on any listing, even within weeks of it being listed. So, if you’re buying a home and find one you like, how do you go about making sure your offer will be seriously considered?
Before you go out searching for the perfect house, think about how much house you can afford. What is the highest possible price you’d be willing to pay and what’s the ideal price range you’d like to pay. This will help you eliminate some homes from your open house list. Contacting a lender and getting pre-approved for a loan is a good first step because then you’ll know exactly what you’re working with when you’re house hunting.
Offer A Fair Price
Of course, everyone would like to save as much money as possible when buying a new home, but putting a fair offer will help you in the long run, especially if it comes down to negotiating. Offering well below asking price may result in the seller feeling disrespected or not taking you seriously. If not, you will likely be outbid in the current market. Look at other listings in the area that are of similar size, age, and have similar amenities. How do the prices of those homes compare to the one you want? Put yourself in the seller’s shoes and think about how you’d feel to receive the offer you are proposing.
Believe it or not, price isn’t always the only factor a seller considers when they’re looking at offers. It is, of course, a major factor but there are other ways to make your offer more appealing than competing offers. Be flexible about the move-in date and don’t ask too much in the way of repairs or other contingencies. Lower offers that display more flexibility can be more appealing than higher offers that are stubborn.
Trust A Real Estate Agent
Putting together a competitive offer can be complicated and even intimidating, especially if you’re a first-time home buyer. Lucky for you, our real estate agents are experts at it and can help you make the process much easier. If you need some guidance or you simply have some questions about making offers, we’re here to help.
As proud members of the esteemed, small-knit Eden Prairie small business community, we are active participants in everything our area has to offer. Since 1995, we’ve been committed to earning the trust of our community. With over 4,500 homes sold in our region, we have the knowledge and experience you need when you are looking to list or buy a home in Eden Prairie. Give us a call today and experience for yourself how we became the #1 sales team in Eden Prairie.