4 Tips for Making Your Best Offer on a Home

Are you looking to buy a home this spring? Do you think you’re ready to buy a home this spring? If the home of your dreams came on the market tomorrow, would you know what to do to make sure you had your best shot at getting it? Let’s look at these four tips to get you ready to pounce on that perfect property and make it your happy home.

1. LEAN ON A REAL ESTATE PROFESSIONAL

Find a real estate agent who can best represent you, someone who understands your goals and is willing to put in the work to help you achieve them. As Bankrate notes:

“. . . select the best real estate agent for your needs. They will be a critical part of your home buying process.”

Not only is a real estate agent an expert in your local market, they will also have a finger on the pulse of the sellers, and will have experience and knowledge for how to approach them.

2. KNOW YOUR BUDGET

Having a budget is helpful because it lets you see what kind of homes are on the market in your price range, and decide if those homes are going to be right for you. As Sandy Higgins, Senior Wealth Advisor at Capstone Financial Advisors, puts it:

“Understand your current budget … what are your expenses, how’s your spending, would you need to make changes?”

The best way to determine your budget is to work with a trusted financial advisor, who can help you understand all of the numbers involved. They can also get you pre-approved for a loan, which is the best way of showing sellers that you are serious about buying. Your financial confidence can be your competitive advantage in a sellers’ market.

3. PLAN YOUR OFFER

The market isn’t quite as competitive for buyers as it was during the pandemic. Available stock is slowly rising, so homes are tending to stay on the market longer than they were a couple years ago. While the hottest properties will always stay competitive, the market is slowly turning back towards the buyer. According to Danielle Hale, Chief Economist at realtor.com:

“In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.”

Your real estate advisor will know how to stay on top of the market, and will help you move when the time is right.

4. WORK WITH YOUR ADVISOR TO NEGOTIATE

During the pandemic, some buyers skipped home inspections or didn’t ask for concessions from the seller in order to secure the winning bid on a home. Thankfully for buyers, today’s market has swung back to give you more negotiating power to get your dream home at your dream price. When putting together an offer, your trusted real estate advisor will help you think through what levers to pull, and when to pull them. Start your search for your new home today!