Spring and summer are the busiest times for real estate: buyers are out and about and homes are selling! Statistically speaking, there are usually more homes on the market during spring and summer… but since a lot of buyers and their agents know this, you’re also more likely to face some steeper competition.
Here are five tips to stand out from the crowd to get your offer accepted.
Get Prequalified
One of the most important things you can do as a homebuyer is to get prequalified for a loan. This is recommended for many reasons. Getting prequalified will tell you how much loan you qualify for, which in turn helps you set a budget. It will also uncover any red flags that could potentially hinder your homebuying goals.
Getting prequalified also shows the seller that you are serious about your offer—and you’ve got the finances to prove it.
Hire an Expert Local Realtor
Another really key aspect to staying ahead of the competition is choosing an agent who specializes in the area or community where you’re planning to buy. A good local agent can provide invaluable advice—like whether a home is overpriced, or if your offer is competitive enough to stand out.
A local agent will also likely have personal rapport with other agents in the area, which could go a long way when it comes to negotiating offers.
Be Prepared to Pay List Price… or More
The good news about spring buying is you’ve got a lot of options. The bad news is that there’s enough competition you probably aren’t going to be able to negotiate too much with a seller to bring the price down. In some situations, you may even find yourself competing against multiple offers, which could drive the price above the initial listing price.
It’s important to know your absolute limit before you make an offer. Be ready to walk away if the price goes above that limit—no home is worth stressful financial burden.
Find Something Else You Can Bring to the Table
Real estate is rarely just about price; it all comes down to what the seller really wants. Some sellers want to make a profit, others need to close quickly, or perhaps are looking for a sure sale without a lot of contingencies… There are many different ways to sweeten the deal without increasing the price.
Write a Buyer’s Letter
What is a buyer’s letter? Simply put, it’s a letter from you to the seller introducing yourself and explaining your motives for buying their house. It’s a chance for you to appeal to the seller person-to-person, rather than simply on a financial level.
You might tell the seller how you can see your life unfolding in their house, and maybe even explain that your offer is the best you can manage… It won’t work on every seller, but many sellers who’ve lived in their homes for a long time like the idea of giving someone else the opportunity to make a good life in a new home.
Ready to Find Your Dream Home in Bayonne?
Are you thinking of buying a home in Bayonne or Jersey City? Then it’s time to contact Century 21 Viewpoint Realty. We’re here to help you explore the area, discover its beautiful communities, and find the perfect home for your unique needs.