Making a Competitive Offer on a Home

February 27, 2019

Finding the right home is only the beginning of your homebuying journey. After that, you’ll have to make an offer -- one that both protects your interests as a buyer and helps you stand out from other bidders.

That last part is especially important if you’re buying in a seller’s market, where housing inventory is low and buying competition is high. Want to make sure you make the right offer and snag that dream home? Here’s what you’ll need to know:

Tap into your agent’s expertise. Your real estate agent can research the local market for pricing, the number of active listings and more. Being informed about comparable sales can help you make a competitive offer.
Make the right earnest money deposit. Earnest money is used to protect the seller if you back out of the deal. The more you offer, the more confidence they’ll likely have in your bid.

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Consider your contingencies. Contingencies can be written into the offer to protect your interests as a buyer. But note that a seller’s market may not be suitable for contingency offers.
Factor in renovations and repairs. Is the house going to need major repairs before you move in? Factor these expenses into your offer and adjust the price as necessary.

It is possible to make your dreams of homeownership a reality. But keep in mind that you’ll need to have your financing in order before you make an offer on a home.

If you’re starting your homebuying journey and need financing, reach out today.

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LFL NewsDesk