Be organized
If you've found your dream home, make sure to inform your mortgage broker immediately. Share all the property details with them so they are aware of your intent to make an offer. This will help streamline the process and ensure everything is ready when it's time to submit your bid.If you plan to have a home inspection, consider scheduling it before the posted offer date. Additionally, if you need other tradespeople to address any concerns about the property, try to arrange their visits within this timeframe.
The fewer conditions you include in your offer, the better your chances. While going in 'subject-free' often wins the bid, it's not always feasible. If you need to include a financing clause, ensure your REALTOR® and mortgage broker are in close communication. The more information your REALTOR® has, the better they can advocate for your offer.
Write a Letter
This is a tactic that has become increasingly popular over the past few years in an environment where competing offers are commonplace.How does one make their offer stand out? Tell the Sellers a little bit about yourselves.
My advice here is to keep your letter succinct -laying it on too thick can often backfire. If there’s something you feel would be relevant to the seller then go at it from that angle. Don’t bother complimenting them on their beautiful decor that was last updated in 1983. They’re aware of the state of their home so unless you are genuinely into vintage it will come across as totally inauthentic.
Money Talks
In most cases, the final decision comes down to the dollar amount. In a competitive real estate market, determining the right offer amount can be challenging. Start by looking at the most recent comparable sales to establish a baseline. From there, decide on an amount that you would not regret losing the property over.There are always strategies within strategies, but for the purpose of this blog I wanted to highlight the key points around submitting a successful offer.
Work closely with your REALTOR® and lean on their guidance and experience in order to create a successful outcome.
Real Estate markets ebb and flow and there are times when buying a home is an easier experience. At the time of this writing we have the most inventory we've seen in 3 years offering home buyers a larger selection of homes for sale in a much less competitive environment.
As interest rates come down, real estate prices tend to rise. Every now and then we find these 'sweet spots' in the market that provide excellent home buying opportunities.
