Welcome to the syringarealty.com Blog

2017-05-16 11:09:37
4 Tips for Effectively Making an Offer

4 Tips for Effectively Making an Offer

4 Tips for Effectively Making an Offer | MyKCM

So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ should really take place before you start your home search process.

As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. 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.” 

According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 3.7-month supply; this is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“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.”

Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!

4. Be Prepared to Negotiate

“It's likely that you'll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you'll be glad you did your homework first to understand how much you can afford.

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.' If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.

Bottom Line 

Whether you’re buying your first home or your fifth, having a local Syringa Realty professional on your side who is an expert in their market is your best bet in making sure the process goes smoothly. Happy House Hunting!

 

 
Blog Archive
2017-06-22 10:30:58
The Importance of Home Equity in Retirement Planning

2017-06-20 16:53:46
Do You Know How Much Equity You Have in Your Home?

2017-06-02 09:26:28
What Would You Sacrifice to Save For Your Next Home? [INFOGRAPHIC]

2017-05-26 16:15:30
Inventory Challenges Continue! [INFOGRAPHIC]

2017-05-25 08:01:05
How's the Real Estate Market? Find Out What the Experts Are Saying How's the Real Estate Market? Find Out What the Experts Are Saying | MyKCM As we h

2017-05-19 12:42:10
Why Americans Consider Moving to Another State? [INFOGRAPHIC]

2017-05-18 09:15:45
#1 Answer to the Housing Shortage: New Constructio

2017-05-17 08:36:41
Selling Your Home? Is Your Listing ‘Pet-Friendly

2017-05-16 11:09:37
4 Tips for Effectively Making an Offer

2017-05-12 09:04:32
What You Need to Know About Qualifying for a Loan

2017-05-10 08:34:14
Real Estate is Best Long-Term Investment 4 Years R

2017-05-08 08:17:59
Is 2017 the Year to Move Up to Your Dream Home? If

2017-05-04 09:53:28
Financial Planning: 4 Reasons to Buy a House Today

2017-05-02 08:23:01
Get All the Facts about PMI

2017-05-01 09:22:12
Is the Current Pace of Home Sales Maintainable?

2017-04-28 09:15:29
Homes are Selling Fast Across the Country [INFOGRA

2017-04-27 08:38:41
Your Tax Return: Bring it Home

2017-04-26 08:49:50
Real Estate Mogul: Here’s Why You Should Buy

2017-04-25 09:25:31
3 Charts That Shout, ‘List Your Home Today!’

2017-04-24 12:22:53
How Fast Can You Save for a Down Payment?

2017-04-21 08:35:22
Slaying Home Buying Myths [INFOGRAPHIC]

2017-04-18 08:36:05
US Housing Market Continues the Move into ‘Buy T

2017-04-17 08:16:21
Thinking of Selling? Now Is the Time to Act

2017-04-14 09:19:07
Is Your First Home Within Your Grasp? [INFOGRAPHIC

2017-04-13 08:14:07
Home Mortgages: Rates Up, Requirements Easing

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.