You’ve worked with a REALTOR® to search what feels like a million houses and finally found it! The next step is to make your purchase offer. How can you make sure that the offer you submit is the one that is accepted? In a seller’s market, home prices are a bit higher, and inventory is lower. This means you are more likely competing with multiple bidders. In a competitive market like this, buyers need every advantage they can get, and working with a REALTOR® to make the best purchase offer is a smart move.
Sellers want to get the best price for their home but that isn’t always the deciding factor. Eliminating or reducing the number of contingencies with your bid, through things like pre-offer inspections, can also make your offer stronger. The bid that causes the least amount of hassle for the seller is the one that will probably win. For instance, sellers’ appreciate all-cash offers as they usually mean a quick, streamlined purchase. If a seller can avoid a complicated process by choosing an all-cash buyer, they likely will.
For most, however, a cash offer isn’t possible, and qualifying for some variety of mortgage financing is needed. In this case, we at WCAR, recommend getting pre-approved for a mortgage before you begin your home search process. With a pre-approval, you’ll be able to make a solid commitment to buy, and your offer will be more appealing to the seller.
REALTORS® have real insights and unparalleled knowledge of your local market and can help navigate the home buying process, so finding one is important. Find your REALTOR® today at realtor.com. For information on property values and inventory in your area, visit wcartn.org.