Our Real Estate Blog
If you recently listed your home, you may expect many offers to purchase to come your way in the near future. However, the house selling journey can be difficult to navigate, and there are many signs that indicate offers to purchase your home may be unlikely to arrive any time soon. These signs include:
1. Homebuyers are not scheduling showings.
Homebuyers often set up showings to view residences. And if buyers like what they see during a showing, these individuals may request a second showing or submit an offer to purchase a house.
Comparatively, a seller who receives no home showing requests for many days, weeks or months after listing a residence may be in trouble. This seller may need to perform home upgrades to help his or her residence stand out from the competition. Or, the seller may need to lower his or her house's initial asking price.
2. Homebuyers are not attending open houses.
An open house event is designed to provide buyers with an enjoyable experience. The event allows buyers to walk through a residence at their own pace. And if a buyer likes a house, he or she may request a one-on-one showing or submit an offer to purchase.
On the other hand, if no buyers attend an open house, a seller may need to modify his or her property selling strategy. This individual should consider the buyer's perspective closely and think about why buyers may choose to avoid his or her residence. Then, the seller can tweak his or her house selling strategy accordingly.
3. Comparable houses in your area continue to sell.
If a seller finds his or her residence lingers on the real estate market while similar houses sell quickly, there may be one or many problems with this individual's house. Although a seller may wonder why his or her house fails to stir up interest from buyers, a real estate agent can offer expert support. In fact, a seller can work with a real estate agent to determine the best course of action to promote his or her house to the right buyers.
Typically, a real estate agent meets with a house seller and helps this individual craft a property selling strategy. A real estate agent and home seller work hand-in-hand to figure out how to list a house, showcase it to buyers and maximize the residence's value. And when a real estate agent and home seller put a home selling plan into action, the results can be significant.
Let's not forget about the support that a real estate agent provides once a seller receives an offer to purchase, either. At this point, a home seller may be uncertain about what to do. But a real estate agent will help a home seller review all possible options and make an informed decision.
Simplify the house selling cycle – hire a real estate agent, and you can get the help you need to generate interest in your home as soon as it becomes available.
If you find your dream house, you likely want to submit an offer to purchase this residence as soon as possible. That way, you can avoid the danger of losing your ideal residence to a rival homebuyer.
Although you may strive to quickly submit an offer to purchase your dream residence, it is important to allocate sufficient time to craft a competitive homebuying proposal. Ultimately, there are many reasons to be diligent as you prepare an offer to purchase, and these include:
1. You can avoid the risk of overpaying to acquire your dream house.
You want to buy your dream house, but at the same time, you don't want to pay too much for it. Fortunately, if you allocate time and resources to learn about a home's condition and the current state of the real estate market, you may be better equipped than ever before to submit a competitive offer to purchase.
Analyze a house's condition closely as you put together a property buying proposal. It often is beneficial to consider any potential home improvement projects as well.
Also, take a look at the prices of comparable houses in the same city or town as your dream residence. With this housing market data in hand, you can establish a price range for homes that are similar to your dream residence. Then, you can submit an offer to purchase that accounts for the present state of the housing market.
2. You can submit an offer to purchase that falls in line with a seller's expectations.
It usually is beneficial to consider the seller's perspective as you put together an offer to purchase. By doing so, you can craft a homebuying proposal that falls in line with a seller's expectations.
If you think about the seller's perspective, you may be able to avoid submitting a "lowball" offer to purchase. Because if you understand how a seller may perceive your homebuying proposal, you can submit a competitive offer to purchase that likely will make a positive impression on him or her.
3. You can increase the likelihood of receiving an instant "Yes" from a seller.
With a competitive offer to purchase, a seller may respond with an instant "Yes." As a result, if you craft a competitive homebuying proposal, you may be able to move forward with a home purchase and quickly acquire your dream residence.
As you navigate the real estate market and prepare an offer to purchase your dream house, you may want to work with a real estate agent. This housing market professional can offer honest, unbiased recommendations about how much you should offer to pay for a residence. And if your homebuying proposal is accepted, a real estate agent will help you finalize your house purchase too.
Ready to make your homeownership dream come true? Collaborate with a real estate agent, and you can get the help you need to find your dream home and submit a competitive offer to purchase this residence.
Receiving multiple offers on a residence is a home seller's dream come true. However, if a home seller faces a tight deadline to review several homebuying proposals simultaneously, making the right decision may prove to be exceedingly difficult.
Ultimately, evaluating multiple home offers at the same time can be quick and seamless – here are three tips to ensure that you can review various home offers and make an informed decision.
1. Consider the Homebuyer's Perspective
Although you probably won't be able to find out the identity of a homebuyer who submits an offer on your home, you may be able to learn about the homebuyer's perspective if you study a home offer closely.
For example, a homebuyer who wants to close on a residence as soon as possible may face a time crunch. And if this buyer has fallen in love with your home, he or she may do anything possible to acquire it.
On the other hand, a homebuyer who submits a lowball proposal may be looking for a bargain. Therefore, this home offer may fall far below your initial expectations, and you should not hesitate to decline or counter the proposal.
2. Analyze the Housing Market
Operating in a buyer's market or a seller's market may dictate how you proceed with multiple offers on your house.
If you've listed a house in a seller's market, the number of homebuyers likely exceeds the number of first-rate houses that are available. As such, you may want to accept a home offer in a seller's market only if it matches or exceeds your expectations.
Comparatively, if you're working in a buyer's market, there likely is an abundance of high-quality residences and a shortage of homebuyers. Thus, you may be more inclined to accept a home offer that nets you the biggest profit – even if the home offer falls shy of your initial home selling expectations.
3. Collaborate with a Real Estate Agent
If you're unsure about how to approach multiple offers on your home, it certainly pays to consult with a real estate agent. In fact, a real estate agent can help you examine various offers and decide which home offer – if any – is right for you.
By hiring a real estate agent, you'll gain an expert ally who will support you throughout the home selling journey.
Typically, a real estate agent will learn about your home selling goals and ensure you can set a competitive price for your residence. He or she also will host home showings and open houses, negotiate with homebuyers on your behalf and do everything possible to help you get the best price for your home, regardless of the real estate market's conditions.
Perhaps best of all, a real estate agent is prepared to respond to your home selling concerns and queries. And if you have questions about a home offer, your real estate agent is available to respond to your questions at any time.
Take the guesswork out of evaluating multiple offers on your home – use the aforementioned tips, and you can determine the best course of action based on the home offers at your disposal.
Selling a home takes patience. Especially when you’re balancing your time between settling into your new home, and keeping up with your work and family life. So, when you’ve finally gotten to the point of accepting an offer on your home, you’ll probably breathe a sigh of relief--and you should! However, there are still a few more things that will need to happen and a couple of things to consider before closing the deal on your home sale.
Contingencies on the purchase contract
A purchase contract typically includes contingency clauses that are designed to protect the interests of both the buyer and the seller. These clauses mean that the contract is contingent upon the actions being completed before it can be legally valid.
There are three main contingencies that will likely be included in the purchase contract before closing--inspection, financing, and appraisal.
The inspection contingency allows the buyer to have the home inspected by a professional before closing (the time should be specified within the contract, but the inspection should usually occur no more than two weeks after you accept the offer). A home inspection lets the buyer know what to expect in terms of repairs that the home needs now or will need in the near future.
Since the vast majority of buyers will be purchasing their home through a loan, a financing contingency is included to allow the buyer time to secure their mortgage. Getting pre-qualified and pre-approved makes this process easier, but the buyer will still have to finalize and close on their mortgage before their financing is official.
This clause exists to protect the buyer in the event that their mortgage application is denied, ensuring that they aren’t penalized.
The third contingency most often found in purchase contracts is a home appraisal. The buyer will order an appraisal and then the appraiser will reach out to you to find a day to come and value your home.
If the home is then appraised at the amount agreed upon in your contract, this contingency is met. However, if the appraisal comes up lower than the purchase amount, the buyer can renegotiate the price.
Walkthrough and closing
Once the appraisal and inspection have been met and financing secured, the buyer will have a chance to do a final walkthrough of your home. The walkthrough usually occurs no more than two days prior to closing on the sale. A walkthrough allows the buyer view the home one last time to ensure that the condition of the home hasn’t drastically changed since the home was inspected or appraised. So, make sure the buyer is aware of any changes you planned to make to the home before closing.
Now you’re ready to close on your home sale. You’ll receive a disclosure form to review (read it carefully!) and sign. Once closing is complete, ownership of the home is officially transferred to the buyer.
While the closing process does include several steps, it’s important to be available and cooperative along the way to ensure a smooth sale and transition into your new home.
A "lowball" homebuying proposal is unlikely to do you any favors, particularly if you want to acquire your dream residence as quickly as possible. In fact, after you submit a lowball offer, it may be only a matter of time before you receive a "No" from a home seller.
When it comes to buying a house, it helps to prepare a competitive offer. That way, you can increase the likelihood of getting a seller to accept your home offer and speed up the homebuying journey.
Now, let's take a look at three tips to help you avoid the risk of submitting a lowball offer on your dream residence.
1. Analyze the Housing Market
Are you searching for a house in a buyer's or seller's market? Are homes selling quickly in the current real estate market? And are houses selling at, above or below their initial asking prices? These are just some of the questions that homebuyers need to consider as they assess the real estate sector.
With a diligent approach to buying a house, a homebuyer can become a real estate market expert. This buyer can assess a wide assortment of housing market data, and by doing so, gain the insights that he or she needs to submit a competitive offer on any residence.
2. Understand a Home's Condition
A home purchase is one of the biggest transactions that an individual will complete over the course of his or her lifetime. As such, the decision to submit an offer on a house should not be taken lightly.
To make the best-possible choice, it helps to look at all of the available information about a residence. You should review a home listing closely and attend a home showing. In many instances, it may be beneficial to check out a house a few times to get an up-close look at it before you submit an offer.
The condition of a home will play a major role in how much you are willing to offer to acquire a residence. Therefore, you should learn as much as possible about a house's condition. And if you feel comfortable with a home, you should be ready to submit an offer that will match a seller's expectations.
3. Collaborate with a Real Estate Agent
Hiring a real estate agent generally is a good idea, particularly for a homebuyer who wants to reduce the risk of submitting a lowball offer on a house. A real estate agent can help a homebuyer prepare a competitive offer, as well as ensure that a buyer can enjoy a seamless home transaction.
Furthermore, a real estate agent will allocate the necessary time and resources to help you analyze a house. He or she will even offer homebuying recommendations and teach you everything you need to know about the homebuying cycle.
Avoid the temptation to submit a lowball offer on a house – use the aforementioned tips, and you can submit a competitive proposal to acquire your dream residence.