Are you planning to buy a home this spring? Though things are more balanced than they were at the height of the pandemic, it’s still a sellers’ market. So, when you find the home you want to buy, remember these four tips to make your best offer.
1. Lean on a Real Estate Professional
Rely on an agent who can support your goals. As Bankrate notes:
“. . . select the best real estate agent for your needs. They will be a critical part of your home buying process.”
Agents are local market experts. They know what’s worked for other buyers in your area 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.
2. Know Your Budget
“Understand your current budget … what are your expenses, how’s your spending, would you need to make changes?”
The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. It helps you be more financially confident, and it shows sellers you’re serious. That can give you a competitive edge.
3. Think Through Everything Before Making an Offer
Today’s market isn’t moving at the record pace it did during the pandemic. That means you may have a bit more time to think before you need to make an offer. According to Danielle Hale, Chief Economist at realtor.com:
“In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.”
While it’s still important to stay on top of the market and be prepared to move quickly, there can be more flexibility today. Lean on the advice of your agent as you explore the options in your market.
4. Work with Your Advisor To Negotiate
During the pandemic, some buyers skipped home inspections or didn’t ask for concessions from the seller in order to submit the winning bid on a home. Fortunately, today’s market is different, and you may have more negotiating power than before. When putting together an offer, your trusted real estate advisor will help you think through what levers to pull.
When you buy a home this spring, let’s connect so you have the guidance to make your best offer.
Let’s talk about Boston condo offers or a lack thereof.
There’s a big difference between low offers, and no offers.
If you are getting low offers, at least you’re in the ballpark
In this environment expect that Boston condo buyers will want a discount. If its for repairs expect it will be 2x the actual cost of repairs/improvements, because it will be a hassle for them too. Whoever does the work deserves to be compensated for the time-and-hassle factor.
If its price cut 2 – 3% for a starter after the holidays. Monitor the activity.
If you aren’t getting any offers, well then that’s different. Your asking price is wrong.
I know, I know…..what does it hurt to start a little high? You can always come down later, right? Unless a neighbor beats you to it, which can leave you hung out to dry.
If you are getting no offers, you should react quickly and get in the game by lowering your price – before someone else beats you to it. Once a home is on the market for 30+ days, Boston condo sellers are going to get low offers.
Boston condos for sale and the bottom line
Boston condo sellers, I know its tough to cut the asking price on your Boston condo. But if you don’t and your competition does, where does that leave you? I’ll tell you, higher and drier.