This is a great time to buy a home, with interest rates at all-time lows and many motivated sellers seeking the right buyer. Of course, that means you won't be the only person house-hunting right now, and a competitive real estate market means you may have to do a little extra to make your offer stand out above the rest. Our real estate agents know what it takes to land your dream home, and we've got some practical tips to help your offer outshine the competition.
Lead Off with Your Best Offer
So you've narrowed down your list of Lafayette homes for sale, found the perfect match, and you know other buyers are competing to purchase the property. With strong competition for the home, now is not the time to lead off with a low offer that has little chance of being accepted. Instead, work with your real estate agent to put together your best offer, and show the seller that you're serious about closing the deal. When there are multiple bidders on a home, your first offer may be your only chance to impress.
Secure Your Financing ASAP
If you're in a position to make an all-cash offer, then you likely already have a leg up on the competition. For most buyers, financing the purchase is a more practical option. Getting pre-approved for a mortgage is a must if you want the seller to take your offer seriously, and benefits you by telling you how much home you can afford. If you can get fully underwritten before making your offer, that's an even stronger sign to sellers that you're ready to close the deal.
Be Ready to Have the Home Inspected
Some sellers have a tight timeline for finding a buyer and will want to know as soon as possible whether you will be negotiating for repairs based on what the home inspection reveals. So, the sooner you can have the home inspected, the better. Rather than wait out the inspection window (typically 5 to 10 days), get your inspector on the scene as soon as you can.
Offer a Quick Closing
Offering a faster closing is another way to make your bid stand out when the seller is facing a time crunch, and can still be an appealing perk even if the seller is on a more relaxed timeline. If you can make a quick closing happen, it can be a great option in competitive markets.
Work with the Right Real Estate Agent
The right real estate agent will be your greatest asset when putting together an offer because they can help you analyze the market, check comparable sales, and create an offer that catches the eye of the seller. They will also help you with all the little, important details of the transaction and keep things on schedule.
Add a Personal Touch
While money speaks loudest when making an offer, there are often sellers who have lived in the home for a long time and would like to see it sold to someone who will love it as much as they have. A hand-written, personal letter about why you love the home won't make up for a low-ball offer, but it can help make a difference when your offer is similar to the competition.
Searching for a real estate team that can take your home search to the next level? We can help you make a winning offer on your dream home. Contact us today.