More home buyers are finding they’re losing their power position in the real estate market and that when they submit an offer for a home, they may not be alone in the bidding. In fact, buyers who submit low offers may not even get a courtesy of a callback nowadays.
Buyers all around the country are making offers, most at or above the asking price.
A drop in the inventory of for-sale homes around the country is prompting more competition among home buyers. Inventory in October was 24 percent below year-ago levels.
According to President, _____________ of the _____________ board of Realtors, below are tips for potential buyers if they want to get the winning bid on a home:
Get pre-approved, not prequalified: Pre-approval for a loan based on a buyer’s credit, income, and assets is viewed as better than getting pre-qualified, which is just an estimate of how much that buyer may be able to borrow.
Find an experienced REALTOR: Home buyers should find a real estate professional who knows how to handle multiple-offer situations and can advise how much to offer and help buyers determine if they’re getting a home at a fair price.
Watch the contingencies: “The best offer isn’t always the one with the best price,” says President _______. Buyers who put in too many contingencies with their offer may lose out.
Remember, when your ready to buy or sell your home contact a local REALTORS, a memember of the _________________ Board of REALTORS.