Mike Reible was recently interviewed on Channel 9 News – Great Day Washington
How can buyer’s compete?
Buying a home is tough in today’s market. The inventory of homes for sale is historically low, and buyers are seeking to take advantage of low interest rates. With so much competition, listings are receiving multiple offers, prices are skyrocketing, and homes are only on the market for a matter of days. To help buyers compete with multiple offers, buyers should follow these 4 simple tips.
Tip #1 – Get Pre-Approved
With multiple offers, sellers wont’ consider buyers who don’t have proven, reliable financials included. As a buyer, the first step in the homebuying process is getting preapproved for financing. Work with an experienced lender and provide them all the necessary information and documentation up-front. You need to be Pre-Approved BEFORE starting your home search.
Tip #2 – Watch Your Price Range
Don’t search for homes at the Maximum Amount that you qualify for. In competitive areas, homes often sell for above the list price. If you find a home at the top of your price range, you can’t compete with other buyers who offer full price or higher. Leave yourself room to increase your offer price if needed.
Tip #3 – Consider Pre-Inspections
In multiple offer situations, buyers often face pressure to waive inspections. We do not advise this! Instead, consider pre-inspections with a home inspector before writing an offer. To learn more about this, ask your Realty Advantage professional for details.
Tip #4 – Leverage Your Lender
Authorize your lender to talk with Seller’s Agents. If you are Fully Pre-Approved and have provided all documentation to your lender – the Seller should know that! A strong call between your Lender and the Listing Agent can instill confidence in the seller so that your offer is the one selected!