Tips for Making Your Best Offer on a Home
While the wild ride that was the ‘unicorn’ years of housing is behind us, the current Kansas City housing market is still competitive in many areas due to the low supply of homes for sale. Are you looking to buy a home this season? Even with the peak frenzy of bidding wars in the rearview mirror, you may still come up against some 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.
Lean on a Real Estate Professional
Finding an agent who can support your goals and help you understand what’s happening in today’s housing market is essential. The Just Say Home KC Team are experts in the Kansas City market and national trends. They’ll use both areas of expertise to ensure you have all the information you need to move forward confidently.
In addition, they know what’s worked for other buyers in your area and what sellers may look for in an offer. It may seem simple, but catering to a seller’s needs can help your offer stand out. As an article from Forbes says:
“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.”
Get Pre-Approved for a Home Loan
Given the current affordability challenges, having a clear budget in mind is especially important. To get a clear picture of what you can borrow, work with a lender to get pre-approved for a home loan.
This will help you be more financially confident because you’ll better understand your numbers. It also shows sellers you’re serious, giving you a competitive edge if you get into a multiple-offer scenario.
Make a Fair Offer
It’s only natural to want the best deal on a home. However, submitting an offer that’s too low comes with risks. You don’t want to make an offer that will be dismissed 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.”
Having the expertise of the Just Say Home KC Team in this part of the process will help you stay competitive and find a fair price for you and the seller.
Trust Your Agent’s Expertise Throughout Negotiations
During the ‘unicorn’ years of housing, some buyers would forego home inspections or didn’t ask for concessions from the seller to submit the winning bid on a home. An article from Bankrate explains this isn’t happening as often today, and that’s good news:
“While the market has largely calmed down since then, sellers are still very much in the driver’s seat in this era of scarce housing inventory. It’s not as common for buyers to waive inspections anymore, but it does still happen. . . . It’s in the buyer’s best interest to have a home inspected . . . Inspections alert you to existing or potential problems with the home, giving you not just an early heads up but also a useful negotiating tactic.”
Fortunately, you may have more negotiating power in the current Kansas City market than before. When putting together an offer, our trusted real estate experts will help you navigate what levers to pull and which ones you may not want to compromise on.
Are you considering buying a home? The Just Say Home KC Team is here to help you make your best offer!