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8
Do This Before Making An Offer On A House
When you finally find the perfect home, it can be hard to hold back your excitement. Shoppers often want to act fast and submit an offer as soon as possible. However, before rushing into things, remember buying a home is a big decision and one of the largest purchases you'll ever make. It's important to take a step back, do your research, and evaluate all the property facts.
When our clients finally find the right home, our real estate agents always encourage them to take these steps before submitting an offer:
- Review Your Checklist
It's easy to fall in love with a certain feature or two, which can cloud your judgment when it comes to the rest of the home. Before submitting an offer, run through your home buying checklist and carefully consider every factor. Is it in the right location? Is in within your budget? Does it have three full baths and a finished basement? You want to be 100% sure this house is the right fit before making an offer. - Consider The State Of The Market
In a hot seller's market, buyers often need to move quickly and work closely with their agents to create a compelling offer that beats the competition. In a buyer's market, shoppers can be patient and more demanding. Therefore, the state of the market should have a huge impact on your approach. It's also worth checking out the sale prices on some other Suffolk County homes for sale and using that information to help determine the best asking price. - Ask Your Real Estate Agent To Scope The Situation
It can be helpful to know if the home has multiple offers or even how much foot traffic the property has had since hitting the market. Both of these factors can help inform your bid. If the property doesn't have any offers, you may want to start at or around the asking price (if more offers come in, agents often will call for the highest and best, which will give you a chance to revise your offer). If there are already multiple offers, then you may want to start 10% or more above the asking price or consider waiving some contingencies. - Crunch The Numbers
Your mortgage pre-approval should give you a rough idea of what you're able to afford, but your location and the current interest rates can both impact your closing costs and monthly mortgage payment. As a result, it's a good idea to discuss your offer with your lender. They'll be able to provide an updated cost estimate worksheet that breaks down your down payment and closing costs, and they'll be able to estimate your mortgage payment with the current interest rates. You can use an online mortgage calculator to get an idea as well. Either way, be sure you're clear on what you can afford before making the offer. - Research The Property
It's always a good idea to check out the home's historical transactions before making an offer. Take a look at the number of previous owners, the amount of time between sales, and how much the home value has appreciated over time. Knowing how long people have lived at the house and how much the value has increased can help you decide whether the property is a good investment.
Congratulations on finding the perfect home! Be sure to follow these tips and work closely with your real estate agent to craft the right offer. Contact us today for more information on the home buying process.