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Today’s homebuyers are faced with a strong sellers’ market, which means there are a lot of active buyers competing for a relatively low number of available homes. As a result, it’s essential to understand how to make a confident and competitive offer on your dream home. Here are five tips for success in this critical stage of the home buying process.

1. Listen to Your Real Estate Advisor
An article from Freddie Mac gives direction on making an offer on a home. From the start, it emphasizes how trusted professionals can help you stay focused on the most important things, especially at times when this process can get emotional for buyers:

“Remember to let your home buying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

A real estate professional should be the expert guide you lean on for advice when you’re ready to make an offer.

2. Understand Your Finances
Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to get pre-approved for a loan early in the home buying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step, so you stand out from the crowd. Doing so make it clear to sellers you’re a serious and qualified buyer, and it can give you a competitive edge in a bidding war.

3. Be Prepared to Move Quickly
According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average property sold today receives 3.7 offers and is on the market for just 21 days. These are both results of today’s competitive market, showing how important it is to stay agile and alert in your search. As soon as you find the right home for your needs, be prepared to submit an offer as quickly as possible.

    4. Make a Fair Offer
    It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t make an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:

    “Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”

    5. Stay Flexible in Negotiations
    After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. You can strengthen your position with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). Freddie Mac explains that there are, however, certain contingencies you don’t want to forego:

    “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.”


    Today’s competitive market makes it more important than ever to make a strong offer on a home. We just had a buyer go up against 9 other buyers for their dream home, and win! How you ask, years of experience my friends. This longevity has given me experience in all types of markets, buyers' markets, sellers' markets... I've honed my skills at the negotiating table.  Let them work for you and join our friends above who just closed this month!

     

    From my home to yours, 

    Dana

     
     
     
    Beautiful Townhome available in Coventry!

    117 STERLING COURT, YORKTOWN, VA 23693

     

    Two primary bedrooms with ensuites located in the sought after neighborhood of Coventry. Spacious eat in kitchen with bay window and views of the lake. Open and functional living-dining space features a gas fireplace. Schedule your showing today. You don't want to miss this opportunity to live in this active Yorktown community at this price!

     
     
     

     

    Curious what your home's value is today? Check out this website

    https://bhhstowne.findbuyers.com/DanaRobbins

     
     
     

    Berkshire Hathaway HomeServices Towne Realty
    Dana Robbins
    Realtor
    757-268-6675
    dana@robbinsnestrealtor.com
    www.RobbinsNestRealtor.com

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    1 Old Oyster Point Rd. Ste. 210 Newport News, VA 23602 | (757) 873-6900

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