{"id":19584,"date":"2023-05-17T00:09:16","date_gmt":"2023-05-17T00:09:16","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=19584"},"modified":"2023-05-16T19:57:51","modified_gmt":"2023-05-16T19:57:51","slug":"make-your-home-offer-the-most-appealing","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2023\/05\/17\/make-your-home-offer-the-most-appealing\/","title":{"rendered":"Make Your Home Offer The Most Appealing"},"content":{"rendered":"

BY ANNA & MICHELLE<\/em><\/p>\n

Sales in March 2023 were down 2.4% month over month and still down 22.0% year over year, according to the NAR Housing Snapshot.\u00a0The median sales price dipped 0.9% to $375,700 and there are 2.6 months\u2019 supply of homes on the market compared to two months a year ago.<\/p>\n

\u201cInventory levels are still at historic lows and, consequently, multiple offers are returning on 28% of properties.\u201d\u00a0According to Lawrence Yun, chief economist for the National Association of REALTORS \u00ae.<\/b><\/p>\n

It is still important to have a strategy for potentially competing with other buyers on the house you want to buy.\u00a0The plan should include several available provisions and options so that at the time of drafting the sales offer, you can consider exactly what to include based on the situation.<\/p>\n

Unless a person is paying cash, you need to be pre-approved by a trusted mortgage professional long before you start looking at homes.\u00a0Include the written pre-approval letter along with the offer.\u00a0When you are making an offer on a home, have the mortgage professional available to reassure the listing agent by phone who will convey assurance to the seller.<\/p>\n

If you\u2019re concerned about multiple offers, make your best offer first because you may not get to counter and simply lose out to another buyer.\u00a0Starting with a low offer and gradually coming up doesn\u2019t work in highly competitive situations.\u00a0In some cases, a low-ball offer could cast a pall on any consideration of your purchase contract altogether.<\/p>\n

The listing agent will calculate the expenses on the different offers for the seller to show them what their net proceeds will be on each contract.\u00a0Some types of financing have more costs incurred to the seller.\u00a0Asking the seller to make repairs or other financial concessions could lower their net even though your offer may be higher.<\/p>\n

From a buyer\u2019s standpoint, contingencies provide options for things that may be uncertain, like qualifying for a mortgage, discovery of major impediments to the condition of the home, and other things.\u00a0To the seller, they are obstacles that may invalidate the contract causing the home to go back on the market.\u00a0If the contingencies are necessary, try to make them as palatable to the seller as possible.<\/p>\n

Instead of waiving your rights to make inspections, consider a very short inspection period to minimize the time the property is in limbo.\u00a0Instead of asking for repairs, provide a simple \u201caccept or reject\u201d once the inspections have been made.<\/p>\n

Try to accommodate the seller\u2019s desired closing and possession dates.\u00a0Sometimes an earlier date may be more desirable for a seller, and other times it might be a later date based on the home they\u2019ll be moving into.\u00a0Your agent can do some research and find a flexible alternative that may appeal to the seller.<\/p>\n

Increase your earnest money deposit more than the minimum.\u00a0It is a pecuniary indication that you are serious.\u00a0Your agent can tell you what the amount should be and alternatives, like increasing the earnest money after certain contingencies have been met.<\/p>\n

Escalation clauses state that you are willing to increase your offer by a certain amount up to a specified maximum, subject to another bona fide offer being received before yours is accepted.\u00a0Your agent will be able to further explain how these might work in your situation as well as share their experience with them in other similar negotiations.<\/p>\n

You as a buyer and your offer to purchase need to be seen as the solution to the seller\u2019s situation in price, terms, and reliability to close.\u00a0Working with an experienced agent with seasoned negotiation skills is key to your success in buying a home in a competitive environment. \"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

BY ANNA & MICHELLE Sales in March 2023 were down 2.4% month over month and still down 22.0% year over year, according to the NAR Housing Snapshot.\u00a0The median sales price dipped 0.9% to $375,700 and there are 2.6 months\u2019 supply of homes on the market compared to two months a year ago. \u201cInventory levels are […]<\/p>\n","protected":false},"author":1,"featured_media":19588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[64,38],"tags":[],"class_list":["post-19584","post","type-post","status-publish","format-standard","has-post-thumbnail","category-better-homeowners-news","category-sponsored"],"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/19584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=19584"}],"version-history":[{"count":1,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/19584\/revisions"}],"predecessor-version":[{"id":19590,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/19584\/revisions\/19590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media\/19588"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=19584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=19584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=19584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}