4 Tips for Making a Competitive Offer

So, you’ve been searching for that perfect house to call ‘home,’
and you’ve finally found it! The price is right, and in such a
competitive market, you want to make sure you make a good offer so that
you can guarantee that your dream of making this house yours comes true!

Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:

1. Determine Your Price

“You’ve found the perfect home and you’re ready to buy.
Now what? Your real estate agent will be by your side, helping you
determine an offer price that is fair.”

Based on your agent’s experience and key
considerations (like similar homes recently sold in the same
neighborhood or the condition of the house and what you can afford),
your agent will help you to determine the offer that you are going to

Getting pre-approved
will not only show home-sellers that you are serious about buying, but
it will also allow you to make your offer with confidence because you’ll
know that you have already been approved for a mortgage in that amount.

2. Submit an Offer

“Once you’ve determined your price, your agent will draw
up an offer, or purchase agreement, to submit to the seller’s real
estate agent. This offer will include the purchase price and terms and
conditions of the purchase.”

Talk with your agent to find out if there are any
ways in which you can make your offer stand out in this competitive
market! A licensed real estate agent who is active in the neighborhoods
you are considering will be instrumental in helping you put in a solid

3. Negotiate the Offer

“Oftentimes, the seller will counter the offer, typically
asking for a higher purchase price or to adjust the closing date. In
these cases, the seller’s agent will submit a counteroffer to your
agent, detailing their desired changes, at this time, you can either
accept the offer or decide if you want to counter.

Each time changes are made through a counteroffer, you or
the seller have the option to accept, reject or counter it again. The
contract is considered final when both parties sign the written offer.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.”
If the inspector uncovers undisclosed problems or issues, you can
discuss any repairs that may need to be made with the seller or even
cancel the contract altogether.

4. Act Fast

The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’
market. Buyer demand has continued to outpace the supply of homes for
sale, causing buyers to compete with each other for their dream homes.

sure that as soon as you decide that you want to make an offer, you
work with your agent to present it as quickly as possible.

Bottom Line

buying your first home or your fifth, having a local real estate
professional who is an expert in his or her market on your side is your
best bet in making sure the process goes smoothly. Let’s talk about how
we can make your dream of homeownership a reality!