The good news for today's homebuyers is that we've gone back to a more traditional market, after being dominated by investors and cash sales for several years. This means more opportunities for first-time homebuyers and growing families to make an offer on a house they can afford — provided they have the patience and know-how.
This has given us a lot of insight into what to do and what to avoid when buying a home, which leads me to four important tips to keep in mind when making an offer in today's market:. Understand how much you can afford.
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While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer. It will not only help you determine your price limit, but it will also help you understand if your budget can cover a new roof or furnace in the home you may be considering. You also need to understand whether or not you are financially prepared to cover monthly expenses for general upkeep and utilities, which can run hundreds of dollars per month.
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. For example, in Denver about half the homes listed sold in 30 days or less in April So the sooner you can make an offer, the better.
Getting pre-approved is key if you know you'll need a mortgage to buy since it will help you act fast and make a confident offer. Make a solid offer. Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent 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.
HomeSteps Advantages For Buyers
Always ask the seller for a home warranty as part of your initial offer. That way, you'll be covered if appliances or mechanicals fail or break down after you're in the home. Remember, in a competitive market, your offer may be one of many. To make yours stand out, you may want to include one thing in your offer to set you apart from the competition — like a letter to the seller or the ability for the seller to rent back their home for some period of time after closing.
This can be your chance to connect beyond just dollars. Talk to your agent about other ways to make your offer resonate on a more personal level. Be prepared to negotiate. It's likely that you'll get at least one counteroffer from the sellers so be prepared.
Four Tips for Making an Offer
Upon offer acceptance, the listing agent will forward the HomeSteps contract package to the selling agent for the buyer's signatures. The contract package must be returned to the listing agent. Legal acceptance occurs only when the contract is fully executed by all parties. HomeSteps will initiate the Multiple Offer Process when we receive more than one offer on a home at the same time.
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All prospective buyers who submitted an offer will be asked to submit their highest and best offer by a specific date and time, and will be asked to sign the Multiple Offer Procedure form to return with their highest and best offer. Once this specific date and time has expired, all offers will be evaluated.