5 Things You Need to Know Before Making an Offer on a Home

If you’re ready to make an offer on a new place to call home, you’re in for some strong competition. Housing inventory is low right now, and demand is high. That’s why you need to come into the process prepared.

Use a professional

To start with, you’ll want to make sure you have a real estate professional on your side. Local agents have the knowledge and experience to help you through the process. They’ll be able to give you some advice on making your offer look more attractive.

Get pre-approved

You also want to know from the start how much house you’re able to afford. It’s important to get with a lender and get pre-approved early on. It shows sellers you’re serious about buying a home and may even give you an edge.

Make a strong offer

When it’s time to make an offer, you want to come in strong. Today’s market is extremely competitive, so coming in close to asking price may not be enough. Use a real estate professional to make a strong, fair offer based on demand, recent sales and market value.

Be flexible

You will also want to be flexible. The seller may counter, so be prepared to have some flexibility with price, certain contingencies or a move-in date.

Be ready for a fast pace

Finally, be prepared for things to move fast. According to the National Association of Realtors, the average home is only sitting on the market for about 17-days. As soon as you find the home you want, work with your agent quickly to submit your best offer.