Presenting An Offer In Today's Real Estate Market
After multiple times out looking at properties for sale, searching for the perfect "home", you've finally found it! The price fits your budget, and in today's extremely competitive real estate market, you want to do everything you can to present a great offer to the seller, so that your dream home becomes a reality.
Here are four steps to take from Freddie Mac to assist buyers make offers to purchase, as well as additional information you should consider:
Determine The Price You Want To Pay
"you've found the perfect home and you're ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair."
Your agent, based on experience and key factors (such as recent sales of similar homes in the same neighborhood or the condition of the property and what meets your budget), will assist you in determining the best offer you should present.
If you are not paying cash for a property, Having your pre-approval letter for financing ready to go is essential. This will show the seller that you are a serious buyer and allow you to present a strong offer with confidence, knowing that you have already been approved for a loan with that purchase price.
Present The Offer
"Once you've determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller's real estate agent. This offer will include the purchase price and terms and conditions of the purchase."
Have a discussion with your real estate agent to see if there are any ways you can make your offer stand out from other offers in this competitive market. A real estate agent who is experienced in the neighborhoods you are considering will be an invaluable resource in assisting you submitting a strong offer.
"Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller's agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.
Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer."
If the seller accepts your offer, Freddie Mac urges you to "always get an independent home inspection, so you know the true condition of the home (or condo)." If the inspector finds problems or issues, you can ask the seller to make repairs, ask for a credit/ lower the purchase price, or you can decide to cancel the contract altogether.
The inventory of homes and condos for sale has remained well below the six month supply that is needed for a "normal, well balanced market." Demand from buyers has continued to outpace the supply of properties for sale, causing multiple offers on the same property from buyers competing with each other for their dream home.
Be sure that as soon as you decide you want to make an offer, you work together with your agent to present the offer as quickly as possible. It's also important to be accessible to respond to counteroffers.
Whether buying your first home or your tenth, having a local real estate professional who is an expert in their market place on your side is your best advantage in making sure the whole process comes together without a hiccup.
If you are ready to beging the home-buyiing process and begin looking at Fort Lauderdale homes for sale or condos for sale in Fort Lauderdale, give us a call/text or contact us here. Begin your search by clicking on the property links below.
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Disclaimer:The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. John Sabia PA and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. John Sabia PA and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.