You finally found the perfect house you'd like to call a ‘home!' The price is right, and in such a competitive market, you want to make sure that your offer guarantees that your dream of making this house yours comes true!
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.
As mentioned before, getting pre-approved 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 the confidence of knowing that you have already been approved for a mortgage for that amount. Contact the Tim Kirk Team to get connected with our trusted lender to get you on track to pre-approval and getting a home loan. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).
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 has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your Tim Kirk Team agent to present it as soon as possible.
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 (Tim Kirk Team) 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.”
Talk with your Tim Kirk Team agent to find out if there are any ways that you can make your offer stand out in this competitive market! We have plenty of experience in the area of writting offers that get accepted. We know the market and area you are looking, we have insiders knowledge to write a solid offer to impress the sellers.
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 (Tim Kirk Team) 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.”
The Tim Kirk Team agents are expert negotiators, we know what is necessary to seal the deal. Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home." If the inspector uncovers undisclosed problems or issues, we can discuss any repairs that may need to be made with the seller, or cancel the contract. The Tim Kirk Team has connections with great inspectors who we trust to complete a thorough job. We will work with you and the seller to ensure that issues and problems are taken care of.
Whether you’re buying your first home or your fifth, having a local professional from the Tim Kirk Team on your side, who is an expert in the market, is your best bet in making sure the process goes smoothly. Happy House Hunting! Call the Tim Kirk Team today to handle the stress of writing an offer for you!
Read the original article here.