Buying a house is an exciting time, and whether you are just entering the market or you are a seasoned buyer ready for your next move, investing in real estate is a smart decision. To some, the Realtor App could be considered the Tinder of the Real Estate world, swiping past sub-par matches looking for the one who really might be worth the work. While looking at homes seems to be a logical first step, it may not. Some steps should be taken to ensure that you are prepared to be as competitive as possible when in a multiple offers situation.
Unfortunately, this reality is becoming more and more common, listing prices below market value as a pricing strategy. Buyers can become exhausted with the hassle that buying a home becomes when it turns into putting multiple offers on multiple homes, having hopes high only to be struck down for things that may have been avoidable. With the emotional toll this can take on a person, it is good to be aware of the challenges, and learn what you can do to avoid the back and forth when you find a house that you are serious about buying. Utilize the tips and tricks below to ensure you have the tools you need to make your buying experience a successful one, with a happy ending.
Financing
In preparing to purchase a property, the first item on your to-do list is to see your bank or mortgage broker for a mortgage preapproval. They will let you know exactly how much you how much of a mortgage that you qualify for and where to cap your offer if a home enters a bidding-war.
Selecting a Realtor
Ensuring you have a realtor that has your best interests at heart is crucial to the buying process. Your realtor will provide you with essential information about the home’s true market value, how bidding wars may affect the sale price, and what concessions to request or let go of when submitting an offer.
Seriously, I’m Interested
There are many things you can do to show how serious you are about the purchase of the home. You may include having a building inspection completed before placing your offer, attaching a bank draft for your deposit as well as a copy of or your mortgage preapproval, or agreeing to close on the seller’s preferred date. These are all ways to ensure your offer stands out among the other offers that may have to consider.
Check your emotions at the door
Many things can happen throughout the buying process that can pose a challenge, making it more challenging to go through with the sale as time goes by. It is essential to set a limit on what you would pay for a home, and avoid losing out by paying way over market value. Focus on the facts - your debt to income ratio should not exceed 30%, so know when it is time to walk away, don’t succumb to peer pressure, and get the most for your investment. Focus on what the home is worth to you, set a maximum offer, and do not exceed that number. It is important to know what you want, what you can afford, and remember to proceed with logic, checking your emotions at the door.
Connecting with the seller
A home can mean a lot to a person, and when it comes to deciding to sell, hesitancies may take place, leaving the seller second-guessing their decision. Writing a letter to a seller could mean you make an emotional connection with them, leaving them with a feeling that they can trust they are making the right decision in passing their home to a new family. Telling them everything you love about the house, or how you can picture your life, there is a little gesture that could go a long way when it comes to making yourself stand out in a potential sale.
Seller’s are looking for serious buyers, and do not like to play around; This could mean the consideration of lesser offers if the terms are right, or if the proper steps are taken to show the buyers are prepared to purchase. While the competition in the marketplace may still feel overwhelming, using these tips and tricks are sure-fire ways to make you stand out in a crowd. Contact your realtor today for advice on making your offer shine above the rest, and secure the home on your wishlist this Christmas.