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5 Things Homebuyers Need To Know When Making an Offer

When it comes to buying a house, you’re looking for the perfect place to call home. In today’s market, there aren’t as many homes available to purchase. With inventory hovering near record lows and sky-high buyer demand, a multiple offer scenario is happening much more frequently. Here are five things to keep in mind when you’re ready to make an offer with your Ryan Dallas Real Estate Agent:

1. Know Your Numbers

Having a complete understanding of your budget and how much house you can afford is essential. That’s why you should connect with one of our trusted lenders to get pre-approved for a loan early in the home buying process. Taking this step shows sellers you’re a serious, qualified buyer and can give you a competitive edge in a bidding war.

2. Brace for a Fast Pace

Today’s market is dynamic and fast-paced. The average home is on the market for under a month – that means from start to finish, a house for sale in today’s climate is active for roughly a couple weeks, if that. Our skilled agents do everything they can to help you stay on top of every possible opportunity as well as give you insights into Coming Soon properties. And, as soon as you find the right home for your needs, your agent will help you draft and submit your best offer as quickly as possible.

3. Lean on a Real Estate Professional

While home buying may seem like a whirlwind process to you, our professionals at Ryan Dallas Real Estate do this every day, and we know what works. Our expertise can be used to give you a significant leg up on your competition. We can help you consider what levers you can pull that might be enticing to a seller, like:

  • Offering flexible rent-back options to give the seller more time to move out
  • Your ability to do a quick close or make an offer that’s not contingent on the sale of your current home

It may seem simple, but catering to what a seller may need can help your offer stand out.

4. Make a Strong, but Fair Offer

Let’s face it – we all love a good deal. In the past, offering at or near the asking price was enough to make your offer appealing to sellers. In today’s market, that’s often not the case. According to Lawrence Yun, Chief Economist at the National Association of Realtors said nationally:

“For every listing there are 5.1 offers. Half of the homes are being sold above list price.”

In such a competitive market, emotions and prices can run high. Use your Ryan Dallas Real Estate agent as your trusted advisor to make a strong, but fair offer based on market value, recent sales, and demand.

5. Be a Flexible Negotiator

If you followed tip #3, your agent drafted the offer with the seller’s needs in mind. That said, the seller may still counter with their own changes. Be prepared to amend your offer to include flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized).

When it’s time to make an offer, it’s important to consider not just what you need, but what the seller may need too. Connect with our team so you have expert advice on this step in the home buying process to put your best offer on the table.

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