If you're looking to buy a home and have found one that you love, that's great news, but we are in a competitive market, so you'll need to make your offer stand out from any others that come in.
Our real estate agents love helping people find a new place to call home in the Sunshine State. With the real estate market being as hot as the Florida summer weather, we suggest the following five ways to make sure your offer stands out.
- Keep it Simple
Make sure that when you make an offer on a home, it's simple. The contract that's most appealing to the buyer is based on price, of course, but also on the number of contingencies it has, and the fewer the better. Common contingencies include your ability to obtain financing or a painting allowance so you can pay to have the home repainted, but in a competitive market, it's best to make your offer as straightforward and simple as possible.
- Show That You Can Afford the Home
Contact a mortgage lender early in the home buying process so you can be pre-approved for a mortgage. Our mortgage partner, HomeBridge Mortgage, provides buyers with a pre-approval letter that can help you submit your offer in the best possible light. You'll receive a pre-approval letter that indicates the amount and type of mortgage you can qualify for based on your financial situation and credit history. This type of documentation demonstrates that you can successfully obtain the mortgage and close on the loan. If you won't be getting a mortgage but will instead be paying cash for the home, submit proof of the funds along with your offer.
- Make Your Inspection Period Short
You'll want to have a licensed inspector check out any home you're thinking about buying. This includes a close look at the home's structure as well as systems such as the heating and air conditioning to determine if they have any problems. You'll want to talk to your REALTOR® to be sure that you have a plan in place for having a timely home inspection. That way, if the inspection comes back showing problems and you decide not to buy the home, the seller can put the home back on the market more quickly.
- Make Your Best Offer on Price
You may assume that if the home seller thinks your offer isn't high enough, they'll make a counteroffer. But especially in a competitive market, this may not necessarily be true since the seller may receive other offers that are higher. If you don't make your initial offer your best one, you may not get another chance. It's essential to work with a REALTOR® in today's highly competitive real estate market. Contingency clauses are becoming more common and navigating them successfully takes the expertise of a REALTOR®.
- Write a Letter to the Seller
It can help to write a cover letter along with your offer so you can explain why you love the seller's home. Let the seller know what you appreciate about their home and give them a glimpse into how you'd love living there. Just make sure to let your real estate agent approve the letter so you don't accidentally violate Fair Housing laws.
Contact us at Wagner Realty today to see Bradenton homes for sale and Sarasota homes for sale and let us help you with your search. We'll help you make an offer that stands out in a competitive market and gives you the best possible chance of buying the home you want.