CHAPTER 8 5 Tips for Making Your Best Off our Best Offer As a buyer in a seller's market, you may feel like you’re stuck between a rock and a hard place, especially when inventory is as low as it is today. Mortgage interest rates are already climbing this year, and experts agree they’ll continue rising as we move through 2022. Here are some tips to keep in mind that will help you make the best offer possible. 1. Know Your Budget: Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre- approved for a loan. There are several ways to get a competitive edge. If your entire loan is underwritten prior to finding a home, you will be in a much better position as you can compete with “all cash” offers. 2. Be Ready To Move Quickly: Speed and the pace of sales are contributing factors to today’s competitive housing market. Rising mortgage rates are a large factor in motivating today’s buyers to move quickly and lock in lower rates. According to the Existing Home Sales Report from the National Association of Realtors (NAR): “Seventy-nine percent of homes sold in January 2022 were on the market for less than a month.” When homes are selling fast, it’s important to stay on top of the market and be ready to present an offer. As your agent, I will help you put together and submit your best bid as soon as you find the home you want to buy. 37
Powered by FlippingBook