While the wild ride that was the “unicorn years” of housing is behind us, today’s market is still competitive in many areas because the supply of homes for sale is still low. If you’re looking to buy a home this season, know that the peak frenzy of bidding wars is in the rearview mirror, but you may still come up against multiple-offer scenarios.
Here are a few things to consider to help you put your best foot forward when making an offer on a home.
1. Lean on Us (Your Real Estate Professionals)
Rely on Imagine Marin to support your goals and help you understand what’s happening in today’s housing market. We are experts in the local and regional market. We’ll use both of those areas of expertise to make sure you have all the information you need to move with confidence.
Plus, we know what’s worked for other buyers in the recent past and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.
As an article from Forbes notes:
"Getting to know a local realtor where you’re hoping to buy can also potentially give you a crucial edge in a tight housing market."
Additionally, Imagine Marin belongs to the most prolific realtor networking groups in the North Bay, giving access to off-market properties not formally on the MLS.
2. Get Pre-Approved for a Home Loan
Unless you can make an all-cash offer, having a clear budget in mind is especially important right now given the current affordability challenges. The best way to get a clear picture of what you can borrow is to work with a lender so you can get pre-approved for a home loan.
That’ll help you be more financially confident because you’ll have a better understanding of your numbers. In addition, sellers are very unlikely to accept an offer not supported by a strong pre-approval letter. And, of course, we can provide you with the best mortgage contacts in the business to help make your offer the strongest it can be.
3. Make a Fair Offer
It’s only natural to want the best deal you can get on a home. However, submitting an offer that’s too low does have some risks (e.g., you may not have your offer accepted). You don’t want to make an offer that will be tossed out as soon as it’s received just to see if it sticks. As Realtor.com explains:
“. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”
The expertise we bring to this part of the process will help you stay competitive and find a price that’s fair to you and the seller.
4. Trust in Imagine Marin & Our Expertise Throughout Negotiations
Today, as during the “unicorn years” of housing, many buyers skipped home inspections or didn’t ask for concessions from the seller in order to submit the winning bid on a home. This is still often the case in the Bay Area (and North Bay) as the majority of sellers are now conducting pre-sale inspections. Of course, every situation is different, so when putting together an offer, Imagine Marin will help you think through what levers to pull and which ones you might need to compromise on. In addition, our good relations with the local agent pool helps our clients get their offers accepted. We know how to get things done.
If you are thinking of buying a home this summer or fall, connect with us so you have experts on your side who can help you make your best offer.