Our Real Estate Blog
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In a seller's market, buyers often wonder how they can edge out other interested parties and make their offer more appealing. There is often the tendency to forgo some protections that homebuyers have on their side in an effort to make things easier for the seller. One of these might be the suggestion to skip the home inspection.
Home Buyers Should Opt for a Home Inspection
Opting for a home inspection is always a good idea. Most sellers won't hold this against you and many even expect you to have one done. If you don't, then you are relying solely on what the seller tells you about the condition of the various systems within the house. While some sellers might not know that anything, in particular, is wrong with the home, it is not always required that known issues are disclosed at the time of sale. That's why it's important to get an objective and professional opinion from a third party.
What To Expect During a Home Inspection
It's important to understand that the home inspector will evaluate both the exterior and the interior of the home. While every inspector is different, you should expect them to complete the basics such as assessing the insulation in the attic, inspecting the eaves and the roof, flush the toilets and turn on all the faucets, check the fuses, switches and electrical outlets and more.
What you should not expect your home inspector to do is to rip up the carpeting or knock a hole in the walls. These actions are simply beyond the scope of their job. That being said, many home inspectors can provide you with their best guess regarding what's behind the walls and under the current flooring. Chances are your home inspector has experience working with homes in your area and can read the clues that are found in the home.
Home Inspection Pointers to Consider
It's important to be present during the home inspection. This will allow you to hear everything that's said about the house firsthand. You'll also be able to ask any questions right then. The inspector will provide you with a written report afterward as well.
Be sure to take what is found by the inspector seriously. If there are issues with the home, it's time to assess if it's the right one for you. You can also try to negotiate with the homeowner. This could involve you asking the owner to fix the issues first or for money so you can do so yourself.
Once you discover your dream house, you probably want to do everything possible to acquire this residence. However, it is important to remain calm, cool and collected as you navigate the homebuying journey. Because if you act too hastily, you risk overspending to purchase your ideal residence.
Let's face it – the temptation to submit an offer to purchase your dream home that may require you to break your homebuying budget can be overwhelming. Lucky for you, we're here to help you consider your offer to purchase closely and ensure you provide a competitive homebuying proposal that won't force you to exceed your budget.
Now, let's take a look at three tips to help you craft a competitive offer to purchase your dream house.
1. Analyze the Housing Market
The real estate market may have major ramifications on the offer you submit to acquire your dream residence, and perhaps it is easy to understand why.
For example, if you are operating in a buyer's market, there likely is an abundance of sellers and a limited number of buyers. If you find your dream house in a buyer's market, you may be able to acquire this residence by submitting an offer to purchase at or near a seller's initial home asking price.
On the other hand, navigating a seller's market may prove to be tricky. In a seller's market, there is a shortage of high-quality houses available and an abundance of buyers. Therefore, if you want to purchase your dream residence in a seller's market, you may need to submit an offer to purchase at or above a seller's initial home asking price.
Consider the housing market closely as you prepare an offer to purchase. If you can differentiate a buyer's market from a seller's one, you can submit an offer to purchase your dream house that falls in line with the current housing market's conditions.
2. Weigh a Home's Strengths and Weaknesses
When it comes to putting together a competitive offer to purchase, it helps to consider a house's strengths and weaknesses. That way, you can account for the costs of any potential home repairs or improvements in your homebuying proposal.
You should consider a home's location as well. For instance, a home in a remote town may prove to be more affordable than a comparable house near a big city. And when you craft an offer to purchase, you should always account for a house's location.
3. Consult with a Real Estate Agent
A real estate agent can help you submit a competitive offer to purchase at any time. This housing market expert is happy to provide a recommendation about how much to offer to acquire your dream home. And if you have homebuying concerns or questions, a real estate agent is ready to respond to them at your convenience.
Want to buy your dream residence? Use the aforementioned tips, and you can avoid the risk of spending too much to acquire your ideal house.
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