Here are four great pieces of advice for homebuyers in our seller’s market.
Here are four great tips that will help you navigate today’s seller’s market successfully as a homebuyer:
1. Submit a large earnest money deposit. Pending home sales sometimes blow up. Many sellers are worried that once they commit to an offer, the buyer might back out of the transaction or default on the contract. The earnest money deposit is part of your down payment, and by increasing it, you’re showing sellers that you’re serious about closing. It speaks volumes.
"Make your best offer right off the bat."
2. Show the seller you're qualified. Almost every offer will have a pre-qualification letter from a lender. To stand out, ask your lender for a loan pre-approval letter instead. Being pre-approved makes you a stronger buyer in the seller’s eyes.
3. Give the seller time to move. Buyer possession is often a sticking point. It’s hard enough to juggle multiple closings if you’re buying and selling simultaneously. Cut the seller some slack by giving them a few days to move out after closing without expecting compensation in return.
4. Write your best offer first. Don’t hope for negotiations. Offer the highest price you can, make it attractive with terms, and ask your agent for a CMA to determine what price you should offer. Sometimes, sellers set a price low to generate multiple offers, so paying a little extra doesn’t necessarily mean you’re paying over market value.
If you have questions for me or any suggestions for future video topics, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.