It’s springtime, and if you’re looking to purchase property, it’s a smart idea to consider these four tips in order to make your best deal. The market is still weighted towards sellers, so it’s important to be mindful of these strategies when the right home comes along. By following this advice and blending patience with your own intuition, you’ll be well-prepared to make a strong offer on the house of your dreams!
Lean on a Real Estate Professional
Rely on an agent who can support your goals. As Bankrate notes:
…select the best real estate agent for your buying needs. They will be a critical part of your home buying process.”
Agents have an insider’s knowledge of the local real estate market, so they know what buyers in your area have purchased and what a seller may value in an offer. Crafting your offer to suit a seller’s needs can make it especially attractive, so seeking out an agent’s input can give you an edge when submitting bids.
Know Your Budget
Understanding your budget is especially important right now. As Sandy Higgins, Senior Wealth Advisor at Capstone Financial Advisors, puts it:
Understand your current budget…what are your expenses, how’s your spending, would you need to make changes?
Getting pre-approved for a loan with the help of a lender is an effective way to be better informed about your financial situation. Not only will it give you peace of mind, but it can also serve as proof that you’re serious about buying a home and provide you with an advantage over other potential buyers in bidding situations.
Think Through Everything Before Making an Offer
The real estate market has slowed down slightly from its pandemic-era pace, giving homeowners a bit more leeway with making offers on homes. According to Danielle Hale, Chief Economist at realtor.com: “You still need to act quickly and decisively if you find the home of your dreams, but there’s a bit more breathing room than before.”
In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.
It’s essential to remain mindful of market conditions and be ready to act quickly when a great opportunity arises. With the aid of an experienced real estate agent, you can now be well-informed while having some flexibility in your search. Consult with them and take advantage of their expertise as you evaluate available properties.
Work with Your Advisor To Negotiate
In the current housing market, buyers may have more leeway to negotiate. During the pandemic, some home bids were accepted without requesting concessions from the seller or undergoing a home inspection. When preparing an offer for a property, your real estate advisor will guide you through which strategies you can use in order to optimize your chance of winning the bid. Your advisor will help you decide which levers to pull in order to gain an advantage.
What We Say…
When you buy a home this spring, let’s connect so you have the guidance to make your best offer.
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