Rising summer temperatures also means rising demand for real estate in Minot and the surrounding areas. Despite climbing mortgage rates, homebuyers are still aggressively hunting for a new place to call home. What should homebuyers be doing in order to position themselves competitively in negotiations for a new home? Here are a few tips and tricks I’ve seen home buyers use to set themselves apart and increase their odds of getting an offer accepted on that dream home they’ve been yearning for all winter long!
Find a trusted real estate agent who understands the ins and outs of the local market, has a clear understanding of your goals, and it focused on what you want to achieve with this real estate purchase.
Get pre-approved by a lending institution before you start shopping. This helps develop an understanding of what your home buying budget should be and can narrow your focus throughout your search. It also enables the buyer to quickly make an offer when that perfect property hits the marketplace.
Minimize your demands during negotiation. In a seller’s market, a competitive offer may require asking for fewer repairs, catering to the seller’s closing timeline, and in some instances waiving some contingencies all together. Your preferred real estate agent is best suited to advise you on what strategy is most appropriate.
Make a strong offer price. The most desirable houses often sell for asking price or more! This is especially true if the house has only been listed for a short timeframe. As the “days on market” grows, it may be appropriate to reduce that offer price over time.
Consider your short term and long term goals. How long do you plan on living in the home? While home values have been rising for the last few years, this may not always be the case. Ensure you are purchasing a property that fits comfortably within your budget so that you have options if you have to relocate earlier than you intended.
Look for hidden value. Have you ever day dreamed about owning a “fixer upper”? Many buyers will avoid making offers on homes with poor curb appeal, smells, or other unsightly features. These properties can be a great opportunity to build some “sweat equity” and bring a house back to life!
Be patient and aggressive! This piece of advice may sound confusing, but it may be the most important. When you commit to buy, you are making an important life decision and an investment in your future. Don’t lose heart if your first offer does not get accepted. Every day new homes are listed for sale and with a little persistence, one of them will be your very own!!
Minot has many excellent qualified real estate agents to assist you on your homebuying search. We are all here to help you every step of the way!
