Across the Mid-Atlantic and Northeast, homes are selling faster and for higher prices than they were the same time last year. Meanwhile, inventory remains tight. The National Association of Realtors reported there was 6.6 percent less inventory at the end of March than the year prior. With these conditions, homebuyers face stiff competition when making an offer on a property this year.
But there are ways to get ahead. Here are tips from agents and leaders from across the nation to make your offer stand out in a competitive market.
Make sure you’ve done your financial homework. A preliminary approval from a lender carries more weight than a pre-qualification. That’s because your lender verifies all your financial information. It’s a more thorough process that positions you as a stronger, less risky buyer. Money, timing and risk are what matters to the sellers, and whatever you can do that minimizes risk to the seller makes you more appealing.
Ask your loan officer to call the seller’s agent as well. That phone call further assures the sellers that you have the financial resources to close.
Accommodate the sellers’ preferred closing date. The easier you can make the process for the sellers, the … See more