Get ready to put on your boxing gloves, folks! The competitive real estate ring is still very much alive. While we've said goodbye to the heady 'unicorn' era of housing, there's still a fair bit of jostling in many parts of the market due to a pesky shortage of homes for sale. So, if you're looking to snatch up a new home this season, be prepared.
Here are some knockout strategies to put you ahead of the game when making an offer on a home.
- The Real Estate secret weapon
Your first move? Buddy up with your local Evergreen lender and find a valuable real estate agent to work with. The combined expertise of dedicated lender and a savvy agent can be a game-changer in today’s market. Not only can your lender help you navigate the local and national real estate landscape, but they're also adept at spotting trends and understanding what sellers are seeking. A skilled real estate agent will further complement this by helping you find properties that fit your criteria and guiding you through the complexities of making an offer. Forbes echoes this sentiment, noting: "Getting to know a local (real estate professional) where you’re hoping to buy can also potentially give you a crucial edge in a tight housing market.
- Home loan pre-approval: The power move
Next on your checklist should be getting a clear budget. In today's era of affordability challenges, it's critical to know what you can borrow. Achieve this by working with your Evergreen lender to get pre-approved with our Security Plus Seller Guarantee1. With our program, we do all the work up-front to provide a guaranteed financing commitment without a lot of conditions. This step will make you more financially confident and show sellers that you're not just window shopping.
- The perfect pitch: Making a fair offer
While it's tempting to go in with a low offer in hopes of scoring a bargain, this strategy could backfire. Realtor.com warns: “. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . ." So, work with your agent to craft an offer that respects both your and the seller's needs.
- The art of negotiation
Remember the 'unicorn' years, when buyers would often waive home inspections or forego concessions to win a bid? Those days are in the past, according to Bankrate: "It’s not as common for buyers to waive inspections anymore . . . Inspections alert you to existing or potential problems with the home, giving you not just an early heads up but also a useful negotiating tactic.” Today's market conditions may allow for more negotiation, and your agent will be instrumental in guiding you through this process.
The last lap
So, ready to dive into the housing market this summer? Make sure you've got an expert in your corner to help you come up with a winning offer. In this ongoing housing market game, every strategy counts! Contact us today to get you on your way to a winning offer!
Source: Keeping Current Matters
1Applies to purchase loans only. To qualify, buyer's Security Plus Approval/Seller Guarantee Addendum must have been issued by Evergreen and the seller shall have executed the addendum with their signature. Certain loan types do not qualify for this offer. Restrictions apply.
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