Gone are the days of making low ball offers in a slow market with many homes for sale. Inventory is incredibly low and although interest rates are on the rise they are still lower than previous years. Homes that are priced correctly are going under contract in days and are receiving many offers. We had one at our office that received 26 offers!
Trying to buy in this atmosphere can be frustrating and disappointing. You may find a home you love and then lose out to another bidder. The best way to be successful buying in a sellers market is to begin working with a Realtor early on. If you don't have a lender already your Realtor can recommend someone to you. Get pre-approved before you start looking at homes online. Since homes are going so quickly the one you like may not be available in the time it takes you to complete the application and get pre-approved. Once you get the pre-approval you will have a letter to submit with offers as well as know how much you can spend on your new home.
Your Realtor can then look every morning and see listings as they hit the system. This will give you a jump on homes as quickly as possible so when you find a home you like you can go see it right away. If you want to make an offer sit down and put it together with your Realtor as early as possible. Go in with your best offer from the start. Since you will likely go up against multiple buyers you want to make sure you are competing with your best offer on the table. Even in this competitive market I never recommend waiving your right to inspect. A better way may be to go with an as-is contract and as quick of a closing date as your lender can manage. The less stipulations as possible will help your offer look more attractive to the seller. It isn't always just about the highest price.
Please leave comments or contact me if you have any questions.
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