by: Ally Donoghue
As an experienced Listing Manager, I’ve been a part of countless real estate transactions. So when it was time to purchase my own home, I felt informed and ready. What I didn’t realize, though, is that, in the seller’s market we’re in today, any advantage you can give yourself as a buyer is key. With competition for homes at an all-time high, here are my top takeaways from my experience to secure the perfect home.
Work with an Agent with Relationships to Local List Agents
When looking for a house, you want to work with a buyer’s agent who is part of the team that lists the bulk of the homes. As member of a team, your buyer’s agent will have access to information about upcoming listings and get you into those homes before they go to market. In addition, they’ll have inside knowledge of what the sellers are looking for in an offer. It’s an advantage you won’t get with an individual agent.
Have All Your Ducks in a Row Before Going to See Homes
Knowledge is power, so make sure you’re ready to see homes before you do. First and foremost, obtain a preapproval to understand your budget. Not only will you save yourself time by realistic search criteria, but you know your maximum spending power when drawing up offers.
Ask the Right Questions About What Is Important to the Sellers
Every seller’s motivation to accept an offer is different, so ask the question as to what is important to them. Are they looking for a quick close? Does it come down to numbers alone? Tailoring your offer as much as you can to the seller’s needs will make it more attractive.
Be Prepared to Do What It Takes to Present a Strong Offer
Presenting a strong offer isn’t limited to a high number and be prepared to sweeten the deal. An experienced buyer’s agent will guide you on all the terms you should include to make sure your offer stands out from the others. A high offer not linked to strong terms doesn’t mean much.
Stick to What You Agree On In Your Offer
Good news! Your offer has been accepted. Now it’s time to stick to your word during attorney review. Have the right conversations with your agent and attorney to be sure the terms in your offer are included in the contract. Trying to change terms at this point in the process will turn the seller off and may result in them going to a backup offer.
These were my top takeaways from my experience buying a home in this market. If you’re looking for more expert guidance, give us a call (201-888-2900) to be matched with one of our buyers’ agents. As your local real estate experts, we’ve seen and done it all, so we’re happy to be in your corner on your homebuying journey! Best of luck!