Happy Thursday – I hope you are doing well. For this week’s video I want to discuss how to win an offer in our current market. Due to low inventory, we are seeing multiple offers on homes that are listed and staged properly. It is very similar to what we saw the last few years. The biggest difference is if the home is not in good shape, staged properly, or listed at the right amount then those homes are sitting.
If you are a seller, make sure you are working with a good agent who can help you fix, stage, and price the property appropriately. If you do that, you should get multiple offers and likely sell over list price.
If you are a buyer, you need a strategy in place so when you find the home you like you can make a ‘No Regret’s’ offer. To do this you need to:
•Know your budget and know the most you can offer on the home.
•Make sure you are fully pre-approved with a local lender so you can close quickly with short contingencies.
Once you do this, you can make an offer that lets you feel comfortable with the numbers if you win and know you put your best foot forward if you don’t. In this market, you can’t make a low-ball offer or have long timelines in your contract, or you won’t win your offer.
Lastly, the silver lining in all of this is home prices are going to continue to go up due to inventory. So even if you pay over list price and stay in the home for at least 5 years, you should make money on the home and get to live in a place you love.
Cornerstone Mortgage Group
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938