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How To Make A Competitive Offer
Dated: February 28 2021
It would be best if you had every tip or trick in the book to make a competitive offer in the Long Beach Island, NJ, home marketplace. Today’s LBI real estate market has a very high buyer interest with a low housing inventory. With too many buyers competing for a limited number of homes, it is now more important than ever to know the details in making a successful offer on a home. Have you been one of the many that have lost several home bid offers? We broke down some of the best tips we thought would help put you in the successful column.
Buying an LBI home is probably the most significant investment you’ll make in your lifetime. This can be an emotional roller coaster, especially if you’re not up-to-date on current real estate affairs on the Island. You will need a trusted Real Estate Professional who can help you stay focused on the most important things. If you are thinking about purchasing an LBI home, we highly recommend that you talk to a local real estate professional that knows how to make you successful. Many people believe they know best or can skate around a realtor. Do you understand LBI Flood elevations, LBI Flood Zones, elevation certificates, township letters of substantial or non-substantial damage, building codes, or title transfers? We highly recommended doing your research for a highly qualified realtor as all realtors are not equal.
Understand Your Finances
As a buyer, you need to have a complete understanding of your budget and how much you can afford before entering an offer. The best way to start this process is to reach out to a lender and get pre-approved for a loan early in the home-buying process. Studies show that only 44% of today’s potential home buyers plan to apply for pre-approval, so be sure to take this step and stand out from the crowd. They are showing a seller that you are a ready, willing, and able buyer. Get any competitive advantage you can when trying to purchase a new home. If you don’t look for a pre-approval, the sellers could pass up on your offer if they feel you cannot afford the house or have a more “qualified buyer” ready to purchase. Be proactive.
Moving Quickly- Be Ready
Today’s average LBI property for sale is receiving more than three offers and is typically only on the market from a day to a few weeks in many cases. This shows how competitive today’s market is and shows you how important it is to stay on top of your search and real estate agent. As soon as you find a home that you are seriously interested in, be prepared to work with your agent to submit an offer as quickly as possible. Sellers love a hot buyer, which can put you in a great position to get your LBI dream home very quickly. Don’t fiddle around and lose the house you are interested in. We have seen countless deals fall through because the buyer thinks they can get a better price or they don’t respond quickly enough; therefore, the buyer moves on to other offers. When you offer, be prepared for having your best and final. We always have these conversations with our clients well beforehand. You have to be comfortable winning or losing the home at this best and final price submission.
After you submit an offer, the seller may accept, reject or counter it with their changes. In a competitive LBI market, it’s important to stay agile throughout the negotiation process. Your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal contingencies, which are conditions that need to be negotiated with the seller’s side before the purchase agreement is completed. Be sure to look through the house and understand what it needs or does it need. The last thing you want to do is move into an LBI home and then realize you need to remodel the whole inside once you get a good look at it. When possible, resist the temptation to waive the inspection contingency.
Without an inspection contingency, you could be stuck with a house you can’t afford to fix. Overall, today’s competitive market is a great time to make a strong offer on a home. You can be in and out of your old place very quickly if you take the time to find a trusted expert in the real estate field. Position yourself for success as the LBI market is hot.
We hope that this overview of “Tips for Homebuyers -Make a Competitive Offer” on Long Beach Island, NJ, has been helpful and look forward to assisting you with all your LBI Real Estate Market needs. We would be more than happy to provide you with DAILY NEW PROPERTY LISTINGS Call today – 609.382.9966
Click Here to Get Educated… We look forward to educating you all along the way.
The Van Dyk Group, Realtor
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