First Time Homebuyers: 5 Things You Need To Know To Make An Offer
Buying your first home is a huge milestone. At such an exciting time in your life, you want the process to go as smoothly as possible. Unfortunately, in a tight seller's market with low inventory and high demand, encountering a bidding war is likely. While this can be stressful, there are ways you can make your offer stand out. Take a look at these five things you need to know to make an offer.
1. Know How Much You Can Afford
It's always wise to know what you can comfortably afford to spend on a house and then stick to that amount. In such a crowded real estate market, it's practically essential so that you don't waste time looking at properties that are out of your range. A smart move would be to get pre-qualified with a lender in order to lock in your financing. Sellers will look favorably upon this edge in the event of a bidding war.
2. Be Ready to Move
In such a competitive arena, real estate companies in Kanas City advise buyers to move quickly. Your agent can assist you in crafting the most strategic bid and submitting it so that you don't lose out on your perfect home.
3. Have Faith in Your Real Estate Pro
Real estate agents are trained professionals. They work in this field daily, so they know the ins and outs of the market in your geographic area. Trust them to advise you on tactical moves you can make in order to get your bid noticed such as being flexible with the seller's move-out time and doing whatever possible to make the closing process hassle-free.
4. Make a Strategic Offer
Making a strong offer is another aspect where your agent's expertise is crucial. In such a high-stakes and competitive seller's market, there are usually multiple bids. In order to stand a chance, yours must be attractive. Your real estate expert understands current data like local sales, market value, and demand. They can advise you on crafting a bid that is competitive, but fair, even if that means offering a bit more than the asking price.
5. Negotiate with Flexibility in Mind
When the seller holds the upper hand, it's likely you will need to compromise in order to seal the deal. Be ready to offer flexibility at closing time. Allowing for a flexible move-in date or requesting few contingencies could move things along more seamlessly. Just be careful not to forego any contingencies that make you uncomfortable. For example, never agree to waive the inspection. Such a move could cost you tons of money and a great deal of frustration.
Keep these tips in mind when making an offer on your first home. The main takeaway to remember is that you will likely need to bend in the seller's direction in order to get your ideal home in such a cut-throat market.
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