Long & Foster Real Estate, Inc.
Eileen Summers, Long & Foster Real Estate, Inc.Phone: (703) 244-3190
Email: [email protected]

Is Your Offer to Purchase Competitive?

by Eileen Summers 09/15/2019

As a homebuyer, it is important to do everything you can to find your dream residence. Once you discover your ideal house, you should be ready to submit a competitive offer to purchase this home.

Ultimately, there are several factors to consider as you try to put together a competitive offer to purchase your dream house. These factors include:

1. A Home's Age and Condition

Examine a house closely before you craft an offer to purchase – you will be glad you did. Because if you leave no stone unturned in your quest to learn about a residence, you can create an offer to purchase that accounts for a house's age and condition.

If you have questions about a house, you should reach out to a seller's agent. That way, you can address these questions before you submit an offer to purchase.

Also, it is important to remember that there is no such thing as a "bad" question to ask about a house. A home purchase may be one of the biggest transactions you will complete in your lifetime. And if you devote time and energy to learn about all aspects of a house, you can ensure you are ready to purchase this home. Perhaps best of all, you can identify potential home problems that otherwise may prove to be costly and time-intensive down the line.

2. The Current State of the Housing Market

Differentiating between a buyer's market and seller's market is key, particularly for those who are ready to submit an offer to purchase a house. If you assess the local housing sector, you can find out whether a buyer's or seller's market is in place and submit an appropriate offer to purchase your dream residence.

In a buyer's market, homes may remain available for many weeks or months after they are listed. Thus, a seller may be willing to accept an offer to purchase, even if it falls below his or her initial home asking price.

Comparatively, in a seller's market, there is a shortage of quality houses available. And in this market, the best houses sell quickly, which means you likely will need to submit a competitive offer to purchase to secure your ideal home.

To determine if a buyer's or seller's market is in effect, take a look at how quickly houses are selling in your city or town. You also should find out if homes are selling at or above their initial asking prices. With this information in hand, you will be better equipped than ever before to submit a competitive offer to purchase your dream house.

3. Your Homebuying Budget

There is no need to overspend to buy your ideal house. Therefore, you should try to submit an offer to purchase that accounts for your homebuying budget.

Oftentimes, it helps to meet with banks and credit unions before you embark on a home search. This will allow you to get pre-approved for a mortgage and enter the homebuying journey with a budget at your disposal.

As you navigate the homebuying journey, you may want to hire a real estate agent, too. Because if you have a real estate agent at your side, you should have no trouble crafting a competitive offer to acquire your dream residence.

About the Author
Author

Eileen Summers

• 23 years of highly successful Real Estate Experience in Northern Virginia • Expertise in the Northern Virginia marketplace • Excellent technology skills • Enthusiastic and Professional • Top Quality Service A 30 year resident of No. Virginia and a Graduate of the REALTORS Institute, Eileen is a Lifetime Member of the L&F Founder's Club as well as a Lifetime Member of the President's and Chairman's Club, and on the L&F Gold Team. She is an NVAR Life Top Producer and a Life member of the NVAR Multi-Million Dollar Sales Club. Her excellent knowledge of the marketplace combined with experience, enthusiasm, technical knowledge, and professionalism provide clients and customers with top quality service. E-mail or phone Eileen for more information on her listings and/or for a free computerized Market Analysis of your home (Northern Virginia area homes). • 20 Years Real Estate experience in Northern Virginia • Expertise in the Northern Virginia Marketplace • Excellent all-round Technology Skills Specialities: • New Construction • Resale Residential • Specializes in Relocations