5 Homebuyer Tips To Consider When Making an Offer

Record-low mortgage interest rates have motivated many people to upsize or downsize their homes. Unfortunately, the inventory of homes for sale is also at almost record-low, so when you're ready to make an offer on a home, there are five things you should keep in mind:

1. Use Your Realtor. If you're using an agent from one of the real estate companies in Dallas, you already have one of the best realtors in the area. Use their expertise to maximize your homebuying dollars and make your offer more attractive to the seller. By offering a flexible rent-back option to the seller, you decrease some of their stress and the pressure to move out by a deadline. If your offer isn't contingent on anything, such as the sale of your current home, that will also make your offer more attractive to the seller. Also, consider listing your home before you plan to move and move into a rental so that your home can sell without contingencies and yours may sell more quickly because an empty house is more convenient for realtors to show. This may mean moving twice, but it may also mean that you get the home you want rather than lose it to another buyer who doesn't have any contingencies.
2. Get Prequalified. When you know how much house you can afford, you won't waste your time, your realtor's time, or a prospective seller's time on a house you love but can't afford. Be realistic in your expectations. When you are pre-approved, it can make your bid more attractive and make the seller and your lender realize that you're a serious, potential buyer.
3. Be Ready To Move Yesterday. Today's real estate market is very fast-paced, so your home can realistically close within two to four weeks. If you're already renting because your current home is listed or rented, then you'll be ready to move at the speed you need to move. This is another factor in favor of listing your home before you need to and moving into a rental unit.
4. Make A Fair Offer. A bid with several contingencies or a lowball bid can be insulting to the seller and completely cancel your ability to close the deal. Make a firm, fair offer that is based on recent sales and market value, and considers the high demand of the current market. More than half of homes in the current market sell at above the listing price, so consider that when making an offer. Trust your agent's acumen and expertise to get the best results from your offer.
5. Negotiate Flexibly But Fairly. Although you may have presented your offer with the seller's needs in mind, don't short-change yourself. Do not agree to waive an inspection no matter how much you want the property, particularly if it's listed in as-is condition. That's a quagmire you don't want to enter and may result in a house with needed repairs that you can't afford. If your seller needs a more flexible move-out date or fewer contingencies on your end, those may be acceptable, but waiving inspection on the home shouldn't be negotiable.

If You're Ready To Move...

If you're ready to move to another home, whether it's your first time buying a home or you want a different home, then contact one of the real estate companies in Dallas, TX to get started. Interest rates are slated to rise soon and the inventory of homes for sale isn't increasing substantially, so contact us today. We look forward to working with you.