Inventory remains low as we start to move into the home buyers’ market. More homes will be coming on to the market, but there will also be more buyers searching for new homes. Competition can prove to be very frustrating for buyers, but there are some good tips to follow to make the search easier.
If a home is in good condition and well priced, it will attract offers from people who would like to move in. If you are already aware that a number of offers have been made on a home you are interested in, your own offer should be for the full price or at least extremely close to it. You should ensure that you already have a pre-qualification letter to display with your offer.
Another great way to show that you are committed to purchasing a home is to increase your earnest money. You will get this back if you fail to qualify for a loan or terminate because of an unfavorable inspection; if the sale is completed, you will see your earnest money credited to you at closing.
Sometimes a seller accepts an offer for reasons other than money. If you really want to move to a particular home, be sure to keep the terms of your offer as simple as possible. Sellers do not want to get caught up with special requests and stipulations and may even accept a lower offer that does not include such conditions.