Tips for Submitting a Strong Offer in a Seller’s Market
The market is heating up and homes are selling quickly, which can make it tough for buyers to find what they want. In May the Gaithersburg area had about 1.5 months of supply, with homes going from listed to pending as soon as they hit the market.
So, what does this mean for you as a buyer? Right now, it means that you must offer a strong price when you find the home you want. Below you will find a few tips for submitting a strong offer.
Being the first to submit an offer can give you an edge, but to get it right the first time, be prepared. Have your lender prepare your approval letter for the exact amount of your offer and check credit score, assets, bank balances, salaries and expenses before submitting the offer. Communicate with your Gaithersburg Realtor throughout this process so that you’re available to sign all necessary documents as soon as possible. Also, strategically submitting an early offer could discourage other interested parties from submitting offers. This doesn’t mean you’ll definitely get the home, but it puts you in a strong position.
Make a competitive offer:
When making an offer on a property, make a competitive offer based on comparable sales in the area. Don’t lowball. It won’t do you any favors. Automated estimates from popular websites often do not reflect the market value of a particular property. Work with your Germantown MD Realtor to find the absolute best comparables for the particular home you’re looking for.
Make a big down payment:
A seller might be more likely to accept an offer with a larger down payment, especially if it’s 20 percent or higher. For example, a large down payment can help mitigate any problems that arise during the approval process for the loan. Also, it simply indicates that the buyer has more money on hand and is therefore in a stronger financial position.
Other things to sweeten your offer include all cash or no contingencies. Hiring a well-organized, experienced Gaithersburg Realtor can also help. These along with other tips will help you make a competitive offer on the home you want. Contact Magnolia Reality today if you’re interested in buying a home!
Browse our website to search the multiple listing database and view all homes for sale in the area. Find homes that interest you and then contact us to schedule a showing.