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Making an offer on your dream home can be nerve wracking, particularly in a seller’s market when there are buyers than homes for sale. Here are some tips to help stay ahead of the game and beat the competition:
Know Your Budget
Knowing what you can afford is critical to your success in obtaining the winning bid. “The best way to know what you can afford is to get pre-approved with a lender,” says Julia Dagistanli, Sales Associate at ERA Justin Realty, “it keeps you from looking at houses out of your range and shows sellers that you are a serious buyer.”
Use a Professional
Working with a real estate agent familiar with your desired location can make the difference between winning or losing a bid. “Agents are experts in your local market,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “Chances are they know the seller’s agent and can work for a win/win situation for everyone.”
Be Ready to Move Fast
Houses are selling quickly, so buyers need to be ready to act fast. “Nationwide the majority of houses are selling in less than a month, and often in just a few days,” says Dagistanli, “Your agent can help you put together your best offer fast, so you can submit as soon as you find a home.”
Be Flexible, But Careful
In obtaining the winning bid, it helps to be flexible on contract contingencies but don’t go too far. “Resist the temptation to waive an inspection just to win a bid,” says Darby Metzger, “Buying ‘as-is’ could leave you with a house you can’t afford to fix.”
Be Strong, But Fair
According to the National Association of Realtors latest Realtors Confidence Index, 40% of offers today are above the list price. “Emotions and prices can run high in a seller’s market,” says Dagistanli, “having an agent on your side can help you stand out by making a strong but fair offer.”
Bottom Line
Today’s competitive market means it is more important than ever to use a trusted real estate agent to help you stand out from the crowd. If you’re ready to buy contact Julia Dagistanli or any of the agents at ERA Justin Realty by calling 201-939-7500.
