January 23, 2018 | Bob Myers
So, you’ve been searching for that perfect house to call a ‘home,’ and  you finally found it!  The price is right and in such a competitive market, you want to make sure that you make a good offer so that you can  guarantee that your dream of making this house yours comes true!
Freddie Mac  covered  “4 Tips for Making an Offer”  in their Executive Perspective.  Here are the 4 tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”
This ‘tip’ or ‘step’ should really take place before you start your home search process.
Getting pre-approved is one of many steps that will show home sellers that you are serious  about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount.  You will also need to know if you are prepared to make any  repairs that may need to be made to the house (ex: new roof, new  furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for  sale is also low and competition for housing continues to heat up in  many parts of the country.” 
The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a  ‘normal’ market.  Buyer demand has continued to outpace the supply of  homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac  offers this advice to help make your offer the strongest it can be:
“Your strongest offer will be comparable with other sales and  listings in the neighborhood. A licensed real estate agent active in the  neighborhoods you are considering will be instrumental in helping you  put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of  the house and what you can afford.”
Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counter offer from the  sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did  your homework first to understand how much you can afford.
Your agent will also be key in the negotiation process, giving you  guidance on the counter offer and making sure that the agreed-to contract  terms are met.”
If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.”  If the inspector uncovers undisclosed problems or issues, you can discuss any repairs  that may need to be made with the seller or cancel the contract.

Bottom Line 

Whether you’re buying your first home or your fifth, having a local  professional on your side who is an expert in their market is your best  bet in making sure the process goes smoothly. Happy House Hunting!

Please consider The Myers Team your resource for all things real estate.  We have over 30 years of real estate experience, specializing in the Montgomery County area.  If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at  301-910-9910 or email me at bobmyersteam@gmail.com.  


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