I often get asked, “How is the market?”
It all depends on where you live.
If you find yourself in an area with a bidding war, here are 3 tips to consider:
1. Home’s Market Value
A real estate agent can easily generate a fair market value report for the home based on location, similar characteristics, and condition. Once you have the market value, you know that you can easily offer at market value at ease and not worry about appraisal concerns if you are financing. If you are not financing (i.e. buying all cash) then of course you can offer above market value if you really like the home enough to pay more.
Contingencies are like “escape clauses” in the contract. Longer the contingency period, the longer the seller has to wait to get your commitment to buy. In this market, seller would definitely prefer an offer with fewer and shorter contingencies. For example, if you feel confident about the home’s condition, and will buy it regardless of any home inspection findings then you can remove the home inspection contingency right off the bat in your offer.
3. Intro Letter and Picture
Make your offer as personal as possible whenever you have the opportunity. Whenever there are two or three offers that are very alike in price and terms, the seller would be curious to know more about the buyers (qualifications, careers, and more). Including an intro letter with an optional picture can help you stand apart from the other buyers.
To learn more about other tips or to schedule your free initial consultation, please contact me at Joan.Bang@dilbeck.com or by phone at (213) 675-3289. Thank you.