With so much competition between buyers for homes these days, it’s crucial that you stand out when you put in an offer on a home. Bidding wars are the norm now, thanks to the low inventory of houses for sale, along with high buyer demand.
Andrew Shader advises that if you’re preparing to purchase a new home this fall, you’re going to need every advantage you can get. Here are three ways to make your best possible offer on a home you want to buy this fall.
Understand the seller, but don’t sell out
When you’re ready to make an offer, you’ll need to keep your own best interests in mind, but also be aware of the things that might be attractive to a seller. With that being said, you don’t ever want to waive certain contingencies in an attempt to seal the deal. Home inspections, for example, are truly important and shouldn’t be waived.
This is especially true for homes being sold “as is” because sellers will not pay for repairs. If you agree to forego that inspection just because you wanted the seller to accept your offer, you might be stuck in a house that requires extensive investment or repairs.
Come up with a fair, educated offer
Gone are the days when all a buyer needed to do to make their offer appealing to a seller was to give a number that was at or near the asking price. Today, that’s not enough. This fall, reports are stating that about half of all offers made on properties have been above the asking price.
This shows just how competitive the housing market has become between buyers. With such competition, prices aren’t the only things that run high. Emotions do, too. It’s a good idea to have a real estate agent help you craft a fair offer that has some research behind it instead of relying on instincts and emotions.
In order to present a truly solid offer, you’ll need to understand the current buyer demand, recent sales trends in the area, and the market value of the home you want to buy. That’s where a real estate agent can really help you.
Be ready to move quickly
The incredibly fast pace of sales is definitely a factor that contributes to the competitiveness of the modern housing market. Homes are staying on the market for much shorter periods of time before they are sold. They go fast. The average home is now on the market for only 17 days!
Staying on top of the market and moving quickly is essential when homes sell this fast. An agent can help you move quickly to get an offer together and give you the best shot at purchasing the home of your dreams.
About Andrew Shader
Andrew Shader is an entrepreneur and a successful real estate developer and investor in Fort Lauderdale, Florida. He got his Business Management and Marketing degree from Florida State University. After spending years in the insurance industry, Mr. Shader decided to shift his focus to real estate. Andrew specializes in value-added properties and boosting property value through investment.
Story by Jessica Brown