February 18, 2022
5 Tips for Making the Best Offer on a Home
In today’s fast-paced seller’s market, making an offer on a home can be very stressful! Thankfully, there are things you can do that will help your offer stand out among the competition. Here are 5 tips for making the best offer on a home.
1. Be Mindful of Your Budget.
When making the best offer on a home, knowing your budget is key to your success as a buyer. The best way to understand your own budget is to work with a knowledgeable and trusted lender. Our mortgage professionals make sure you are educated on down payment options, mortgage rates, private mortgage insurance, and much more.
In a fast-paced market, having pre-approval for your mortgage in place is critical. The importance of a pre-approval letter cannot be stressed enough. Sellers want to see that you are a serious buyer and have the funds in place for the sale to be completed. Pre-approval gives the sellers that confidence
If you really want to stand out in regard to your mortgage, then you should take advantage of Method’s Full Pre-Approval process. Our full pre-approval process takes the standard pre-approval process even further and completes all the necessary steps possible before closing on the home. Buyers who have completed our full pre-approval process present as the strongest buyers to sellers and they have the fastest closing possible.
2. Work with a Trusted Real Estate Professional
Just as working with a trusted mortgage broker will help you be mindful of your budget, working with a trusted real estate professional will help you with making the best offer on a home. Real estate professionals have key insights into what other homes around your desired home are selling for, what has worked for other buyers, and what the sellers are looking for in an offer. Find a trusted real estate professional to lead you and follow their advice.
3. Be Flexible with Seller Negotiations
When you are planning an offer, your real estate professional will help guide you on what contingencies you can include. Contingencies are much like “if-then” statements included in your offer. An example is “if my current home sells by this certain date, then we can proceed with the final purchase.” Resist the temptation to waive an inspection even if the home is being sold “as is.” You could be purchasing a home with essential repairs needed that are out of your budget. Again, your real estate professional will help you make the best decisions regarding negotiations when making the best offer on a home.
4. Make a Strong Offer but a Fair Offer
The December 2021 statistics from the Realtor’s Confidence Index Study show that 44% of homes sold were above the listing price. Your real estate agent will have access to current statistics as you are preparing an offer and can help you make the best decision. When making an offer on a home, emotions run high. Making a strong but fair offer based on current market trends is the best route to success.
5. Be Ready to Move In Quickly!
In the same Realtor’s Confidence Index study cited above, the average number of days for a house to be on the market was 19 days! All the more reason to be ready and confident when making the best offer on a home. Things move quickly! Be ready to move in!
Method Mortgage Can Guide You in Making the Best Offer on a Home
Our mortgage lenders can help you with the first step in purchasing a home by getting a pre-approval letter and your finances in order. We can help you stand out from the competition with our Full pre-approval process also! You will quickly be on your way to making the best offer on a home of your dreams. Contact one of our mortgage professionals today to begin the process. We are your smartest way home.