Like most of the country St. Louis and St. Charles County are currently experiencing a sellers market. This means that there are more buyers in the market than there are sellers. This is great if you are currently selling a home. However if you are a homebuyer, this means that you are facing competition against other buyers when trying to purchase a home for sale. With a few tips, and help from your trusted Realtor, you’ll be prepared to make the best offer on a house and procure the home of your dreams.
Get Pre-Approved for a Mortgage
Unless you are paying cash for a
home, start your home search by talking to a mortgage lender and getting
pre-approved for a mortgage loan. Home sellers will take cash and pre-approved
offers over offers that don’t confirm their ability to finance the home. Also,
getting pre-approved will help you better determine your budget for your home.
Lean On Your Realtor
Talk to your Realtor to gain some
useful information. An experienced Realtor (like the ones on The Boehmer Team)
will be able to gather more information about what neighboring homes have sold
for and the number of other offers the home has received. This information will help you decide on a
strong offer to make on the home.
Hold Back on Contingencies
Contingencies are items that need
to be addressed before closing on a home or clauses in the contract that give
you an out if something arises. These can be beneficial to homebuyers, but a
headache for home sellers. Sellers will prefer to accept a contract on their
home that includes the least amount of contingencies. Discuss with your real estate
professional the options of making an “As-Is” type of offer limiting the
seller’s responsibility of making repairs.
Make a Personal Connection
If a seller has a personal
connection with a buyer, they are more likely to choose the buyer they have a
connection with. If you know other people in the neighborhood, or have other
acquaintances in common with the homeowner, tell them in order to build your
personal connection. Some people make their case in writing by including a
hand-written letter with their offer describing why they would make the best
choice as the homebuyers for the property.
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Whatever you decide, be sure to be prepared and be ready to act fast. If you are afraid of making a mistake after going all in on a home, keep in mind that there will likely be another chance to make some negotiations on the deal after getting the results of the home inspection. If you have questions about making an offer on a home or about the home buying or selling process, contact The Boehmer Team. We’ll be happy to share our expertise.