Thinking of Making an Offer? 4 Tips for Success

So you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market that you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 Tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ really should take place before you start your home search process.

As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”

According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 3.6-month supply; This is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Consider ways of making your offer stand out! Many buyers write a personal letter to the seller letting them know how much they would love to be the new homeowners. Your agent will be able to help you figure out if there are any other ways your offer could stand out above the rest.

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspection uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made, with the seller, or cancel the contract.

Bottom Line 

Whether buying your first home or your fifth, having a local professional on your side who is an expert in their market is your best bet to make sure the process goes smoothly. Give me a call and we’ll make it happen – J.P. Cook – 602-320-4253.

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$549,999

3 Beds

2 Baths

1,656 SqFt

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$549,999

4 Beds

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1,842 SqFt

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Property Type Single Family Residence

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$549,999

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2 Baths

1,791 SqFt

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Property Type Single Family Residence

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723 W Rosal Place Chandler, AZ 85225

$549,999

4 Beds

2 Baths

1,938 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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1321 N Delmar -- Mesa, AZ 85203

Open House

$549,999

4 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6770242

Property Type Single Family Residence

Price Type --

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18583 W Swayback Pass Pass Surprise, AZ 85387

$549,995

3 Beds

3 Baths

2,088 SqFt

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MLS # 6770088

Property Type Single Family Residence

Price Type --

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2121 W Sonoran Desert Drive Unit 41 Phoenix, AZ 85085

$549,995

3 Beds

2.5 Baths

1,567 SqFt

Status Active

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Property Type Townhouse

Price Type --

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$549,995

6 Beds

4 Baths

2,624 SqFt

Status Active

MLS # 6734119

Property Type Manufactured Home

Price Type --

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11432 E Quicksilver Avenue Mesa, AZ 85212

$549,995

5 Beds

2.5 Baths

3,096 SqFt

Status Active

MLS # 6736112

Property Type Single Family Residence

Price Type --

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28430 N 51st Street Cave Creek, AZ 85331

$549,995

3 Beds

2.5 Baths

1,710 SqFt

Status Active

MLS # 6758424

Property Type Single Family Residence

Price Type --

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35176 N Lead Way San Tan Valley, AZ 85144

Open House

New

$549,995

3 Beds

2.5 Baths

2,212 SqFt

Status Active

MLS # 6787371

Property Type Single Family Residence

Price Type --

Love everything about this home. The open-concept kitchen and great room provide the ideal space for entertaining. A first-floor office provides the space to work from home. Multi-panel stacking doors and a luxury outdoor living space enhance your outdoor experience. The community is situated just minutes away from shopping, dining, and entertainment.

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2606 E Abe Truckle Avenue San Tan Valley, AZ 85140

$549,990

3 Beds

2.5 Baths

2,171 SqFt

Status Active

MLS # 6730768

Property Type Single Family Residence

Price Type --

Located in San Tan Valley, this adorable single story, 2171 sqare foot residence boasts a meticulously designed living space. Crafted with a keen eye for both style and functionality, this home harmoniously blends modern elegance with timeless comfort. This home seamlessly integrates open-concept living, featuring a den, 8' doors, 4-panel center sliding glass door, a large kitchen adorned with quartz countertops, white cabinets and stainless steel appliances. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms offer ample space for family or guests, each thoughtfully designed with comfort in mind. Complete with a 4-car garage, two car tandem and a RV garage this residence represents the epitome of ideal living.

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