The housing market has been highly competitive over the last several months. Most homes in the $250,000 to $750,000 range are getting multiple offers and selling over list price.
If you’re looking to buy a home, make sure you’re ready to be as competitive as possible.
Here are some tips.
Speak with a loan officer and have that pre-approval offer in hand so you know what you can afford and that you can show the seller you’re serious.
Don’t Wait Until the Last Minute
If you think you want the house, don’t wait to put in an offer. Some sellers put a deadline for offers but accept an offer before the deadline, if they get a good one.
Removing contingencies like an inspection might make your offer more attractive to the seller. Consult your realtor about whether this is the right move for you.
Consider an Escalation Clause
If you get into a bidding war an escalation clause could make your offer more competitive. Again, speak with your realtor about this.
Present a Cash Offer
A cash offer or traditional financing provides more security for the seller.
Write a Personal Letter
A personal letter with details about your family could pull at the heart strings of the seller and set your offer apart.
The best way to win the home you want is to work with the right team of professionals. Make sure you have the right lender and realtor in your corner and looking out for your best interest.