Be well prepared for your home purchase with these tips
As your real estate resource, Cervone Deegan + Associates knows that the temperature of today’s real estate market is hot and it certainly has proven to be one in favor of sellers. The trend has been increasing prices and slim inventory which is resulting in common bidding wars. If you are planning on buying these days then you will want to heed this advice on best positioning as you get close to making an offer on your next home.
Establish Your Budget
During a competitive market where offers come in multiples and bidding wars happen it is a good idea to know your limits. First and foremost it is important that you work with a trusted lender and find out just exactly how much you will be pre-approved for. This way you will know what your maximum affordable amount is that you can raise your offer to.
Most homes for sale will be on the market for less than a month nowadays. That means you have to be ready to tour all homes that come on the market within your search criteria and act quickly should you decide to submit an offer to purchase. In these market conditions you don’t have the luxury of taking several days to think about the possibility of placing an offer on a home.
Consult With a Real Estate Professional
Having a professional and seasoned agent’s guidance, like us, in a market like today is your key to success. Emotions can run wild so you want to work with the facts that a local real estate professional can provide. These things include current market values, recent sales data such as list to sales price ratios and buyer demand. Preparing yourself with this knowledge will help you make the best offer with the least amount of buyer’s remorse.
Follow The Seller’s Needs
When you write your offer it is wise to keep both your and the seller’s interest in mind. Working with an agent you can decide to address things like dates and contingencies that may work best for both parties. You don’t want to get yourself in a position where you may make too many sacrifices that may come back to bite you later on!