5 Tips for Making Your Best Offer
In today’s Raleigh Durham sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm in the triangle real estate market due to the low supply of houses for sale and high buyer demand. If you’re buying a home in the Raleigh Durham area this fall, you’ll want every advantage, especially when you’ve found the home of your dreams.
Below are five things to keep in mind when it’s time to make an offer.
1. Know Your Budget
Knowing your budget and what you can afford is critical to your success as a Raleigh Durham homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:
“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”
Showing sellers you’re serious can give you a competitive edge. It enables you to act quickly when you’ve found your perfect home. If you need help finding a great lender, please reach out! We have worked with many awesome local Raleigh Durham lenders.
2. Be Prepared To Move Fast
Speed and the pace of sales are contributing factors to today’s competitive housing market in Raleigh Durham. In the Raleigh Durham market, the average days on market for a home to be for sale is just NINE days! That is 50% less than the national average.According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the average home is on the market for just 17 days. As the report notes:
“Eighty-nine percent of homes sold in July 2021 were on the market for less than a month.”
When homes are selling fast, staying on top of the market and moving quickly are key. After you’ve worked with your Raleigh Durham real estate agent(hopefully us!) to find the home that suits your needs, they’ll help you put together and submit your best offer as soon as possible.
3. A Real Estate Professional Can Lead You to Victory
No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac says:
“The success of your homebuying journey largely depends on the company you keep. . . . be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller may need can help your offer stand out.
We have been helping homebuyes in the Raleigh Durham market for several years now and we would love to help you next!
4. Craft a Strong, Fair Offer
In the past, offering at or near the asking price was enough to make your offer appealing to sellers. In today’s market, that’s often not the case. According to the latest Realtors Confidence Index from NAR, 50% of offers are above the list price. In Raleigh and Durham those numbers are higher. Homes here on average are receiving 104.1% of the listed price.
In such a competitive market, emotions and prices can run high. Having an agent to help craft a strong, fair offer is critical in these situations. Your agent can help you understand:
- The market value of the home
- Recent sales trends in the area
- Current buyer demand
5. Understand the Seller’s Needs, but Resist Waiving Certain Contingencies
When crafting an offer, you’ll want to keep both your best interest and the interest of the seller in mind. Your trusted Raleigh Durham realtor will help you consider which levers you could pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up, like the home inspection.
Freddie Mac explains:
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
Today’s competitive housing market in Raleigh & Durham makes it more important than ever to make a strong offer on a home. Let’s connect to make sure your offer rises to the top!
Zach & Cindi Honeycutt, Realtors, Movil Realty, 919-694-4228
Cindi is a born and raised Durham native. She is a former elementary school teacher turned realtor, now working at Movil Realty. Cindi is excited to help others find their home here in the triangle.