Your agent is there to guide you, but it’s still important to be a well-informed buyer. Here are some things you should keep in mind before putting an offer on a house.
Price of homes in the area
Know the current housing market by understanding the community around you. Your agent should help you find out about other listings in the area to help gain some insight into what you should be offering
Even if you are prepared to set up a price based off the current market, if the inspection goes well or not so well, could be a potential factor to take into account and adjust your numbers accordingly.
Why are they selling?
Get to know the sellers reason for leaving the current home, do they have a family and just need more space? Do they want to be closer to schools? Maybe it has something to do with the home itself, and that is something you want to be aware of.
Understand ALL costs
People often times don’t realize the number of fees and costs that will arise as you go through the home buying process. You will have costs that are expected right out of the gate, and other fees that shouldn’t be forgotten that will pop up later on in the process. Be actively aware of your prospective future, especially when it comes to your finances.
Write an explanatory letter
Don’t just throw a number down, justify it. Give the seller a small explanation for putting down the number you did. With such a significant purchase in the works and competition from other buyers, an understanding of why you are willing to pay what you are, can help the seller gain more context and identify who the house will go to.
Prep to put down the perfect offer this season by utilizing these tips!