Ways to Make Your Offer More Appealing
Now that temperatures are getting warmer, you may be tempted to go out and explore the real estate market by attending a few open houses. While it is always recommended to get a personalized tour with your realtor, J.Christopher Real Estate Group would like to share how you could be better prepared if you find your dream home during one of those house hunting expeditions.
“At the height of the current real estate market, homes were being removed from listings within 7 days because there were so many interested buyers. That’s still largely the case for homes that are priced right, and have high-end features,” said Jarrod C. Lewis, owner of J.Christopher Real Estate Group. “If buyers don’t have a clear strategy, they can lose out to someone who was more prepared.”
The latest figures from the Rhode Island Association of Realtors suggest the current real estate market remained healthy with some dips in sales. Specifically, the association saw 775 single family houses sold in Rhode Island for December 2018, which was a 15.6 percent drop in the number of homes sold from the same time last year. They noted the drop might be attributed to the government shutdown that began on December 22. However, the median price of homes increased to $265,000.
These findings lend support to Lewis’ view that single-family homes remain attractive for many families in Rhode Island. If you find yourself completely in love with the home you’ve recently visited, J.Christopher Real Estate encourages buyers to review our tips to help you make a more compelling offer.
Enlist the Support of a Realtor
Home buyers need someone who has their back during the home buying process. A J.Christopher Real Estate agent can give buyers valuable feedback that could help you drop the listing price, or could help speed up the process.
Have a Preapproval Letter Ready
A preapproval letter shows buyers that you are financially suited to buy a home, which decreases the likelihood the financing will fall through at closing. If you are serious about purchasing a specific home, it will be a positive development if you could present this document.
Know Your Highest Bidding Price, and Be Ready to Walk Away
In a hot market, buyers might only get one chance to make an offer on a home. It is important that you make an offer that you are comfortable with, and can confidently walk away from if there are multiple offers.
Submit an Offer as Soon as Possible
An open house could create a false sense of urgency, but homes with a lot of visitors are more likely to have an offer submitted. If you cannot imagine living in another home, consider moving the process as quickly as possible because you could be competing with other buyers.
Make reasonable contingencies, and have your finances squared away
When an offer is being made, buyers and sellers can have contingencies made that protects both parties’ interests. Contingencies might include an in-faith deposit or an opt-out if an inspection reveals costly repairs are needed. Since contracts are being signed at this stage, buyers should make every attempt to honor their commitments.
J.Christopher Real Estate Group has helped countless families acquire their dream homes. Call 401.830.6906 to begin scheduling tours, and to have a dedicated real estate agent support you in your home buying search.