Stand Out From The Crowd

Stand Out From The Crowd

How To Make A Strong Offer In Today’s Real Estate Market

 Today's New Mexico real estate market is pretty tough for home buyers. The limited inventory means home buyers must put their best foot forward from the get-go if they want their offer to beat the others. No – we aren't talking about sending a friendly letter saying how much you loved the house. You need to put together an offer that impresses the seller and makes them want to work with you. So, how do you do that? Let's look at a couple of strategies to get your offer noticed and accepted so you can get the home you're hoping for.

 Include a preapproval letter or proof of funds

You can't have a strong offer without showing that you can actually afford the house. Including a preapproval letter from a mortgage lender or proof of funds if you aren't financing the purchase will show the sellers that you are taking the home purchase process seriously and reduce the chances of issues coming up that would cause the deal to fall through.

 Be flexible

If you're shopping for a home, you know it's tough out there. The seller of the house you want to buy will probably also be buying a home, so making an offer that allows some flexibility will be highly attractive to them. One way to do this is by offering to allow them to stay in the home for a determined amount of time after you take ownership. They will pay you rent while they go through the home-buying process. This can be risky, so make sure you discuss your options with your Realtor as well as an attorney to make sure all of your bases are covered.

 Don't make it complicated

Real estate offers have some built-in contingencies that allow buyers to walk away if they need to without any penalties. The most common contingencies are the inspection and the appraisal - and I don't recommend removing those because those are the two most common places where deals fall through, plus they're also incredibly important to the buyer to ensure that they are getting their money's worth without any surprises. However, contingencies like having to sell your own home before you can close on this new one are usually a big turn-off for sellers and should be avoided if possible.

 It's all about the money

At the end of the day, the seller wants as much money as possible for their investment. That doesn't mean you have to offer way over the asking price immediately, but now is not the time to come in with a low offer, hoping to get a good deal. With the guidance of your Realtor, you should determine a number that is fair for you while still being attractive to the seller.

 Work with an experienced Realtor

The home-buying process doesn't need to be difficult. Working with an experienced Realtor who knows the local market, how to negotiate, and how to win bidding wars will make the entire process much more enjoyable. If you're in New Mexico, the NM Home Team is here to help you reach your real estate goals. Let's get in touch and start your home search.