Column - December 2020
Buyers: How to Prepare for Multiple Offers
According to the National Association of Realtors, in August 2020, 55% of home sales resulted in Multiple Offers and 69% of homes sold were on the market less than a month. This is because there are so few houses available for sale and competition is fierce. Here are three buyer tips to be best prepared to secure the house of your dreams:
1. Get Pre-Approved for a Mortgage. This shows the seller that a loan officer has reviewed your finances and determined your ability to obtain a home loan. Since only 44% of prospective buyers apply for pre-approval, being Pre-Approved helps you stand out as a Qualified Buyer.
2. Know What You Can Afford. Getting Serious about your budget now, means you’ll have more money for a down payment and a clear idea of your maximum offer price, and know what you need to cover your monthly expenses beyond your mortgage, like general upkeep, utilities, and other unexpected repairs.
3. Make Your Best Offer First. There were over three offers for every home sold in August in a multiple offer situation! If your offer isn’t competitive, it probably won’t be considered! Your Realtor can also offer advice on items like flexible Move-In Dates, Competitive Pricing, and Minimal Contingencies.
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Gina M. Sohmer, is a veteran, a Graduate of the REALTOR® Institute, a Certified Negotiation Expert, a Seller’s Representative Specialist, an Accredited Buyer’s Representative, a 2020 Winner of the Nextdoor Neighborhood Favorite Award, and a REALTOR® with eXp Realty, LLC.