Paul W Sullivan & Assoc



Posted by Paul W Sullivan & Assoc on 8/2/2020

If youíre in the market to buy a home, you want to find the perfect place for you and your family. In a sellerís market, the competition can be fierce. As a buyer, you may be under the impression that you need to make the highest offer in order to secure the home of your dreams. The problem is, you may never know what price other people have offered for the same home.


Know Your Budget


First, you should know what kind of a budget you have to work with to buy a home. You probably have done an online search to see whatís out there and what price range the homes you like fall into. Youíll want to go beyond the online search and actually see some of your favorite houses in person because pictures can be deceiving. 


Next, youíll want to do is speak with a lender. This can help you before you even hit the ground running on your home search. A lender can pre-qualify you then work you through the process of pre-approval. This will give you a definitive number to work with when searching for a home. With this number, youíll know how much you can offer comfortably when you find that house you fall in love with.


Make A List Of Priorities


Finding the ďperfectĒ house usually requires that you make a few compromises along the way. Itís very unlikely that youíll find one house that gives you everything you want in one place without a bit of imagination. Jot down all of the things about a home that are the most important to you. These items could include:


  • The neighborhood
  • Big backyard
  • Open floor plan
  • Number of bedrooms
  • Hardwood floors
  • The size of the rooms
  • Style of the house
  • Granite countertops


Whatever is important to you should be on the list. Next, go through the list and see what can be compromised on. There are probably a few luxuries on the list that you could stand to give up in lieu of something else.  


The Offer


Once you find that home you know that you absolutely want to live in, youíre going to want to make an offer. Let your realtor know immediately that youíre interested in the home and they can get to work. Your realtor can help you to make an offer thatís reasonable based on the asking price and your budget. Your offer doesnít have to be thousands of dollars over the asking price for you to win the bid. There are a couple of strategies that can help you to land the right home even if youíre not stretching your budget to the max.


Showing Youíre Serious


Taking steps like being pre-approved and having all of your finances in order can help to give you the upper hand in the house hunt. Sellers donít want to deal with a buyer who is ultimately going to have issues where the deal will fall through.


The Offer Letter


Writing a letter along with your offer is a great personal touch to help you land the home of your dreams. If a seller knows that the home they have lived in and loved will go to another owner who is going to appreciate and take the same great care of the home, they will be more likely to go with you as a buyer. First, tell the seller a bit about yourself and why you love the home so much. Compliment the landscaping. Tell the seller just how much your kids are going to appreciate living in the home. Donít be afraid to get too personal when it comes to writing an offer letter to the sellers. They will appreciate honesty and a candid approach in the sometimes all too serious matter of buying a home.





Posted by Paul W Sullivan & Assoc on 12/24/2017

You may have the notion as youíre searching for a house that the first bid will win when it comes to jumping at the chance to buy a home. Thatís not always true. however, can waiting too long to put in an offer on a home be detrimental to your home search? Weíll go over some of the best advice as to what makes a good offer, and when the best time to put that offer in is.  


Thereís actually no real set timeline for when you should put an offer in on a home. The real determination of this is the type of housing market that weíre in in at any particular time. A fast moving housing market can equate to the need for you to make an offer quickly. Most realtors will agree that you shouldn't wait too long to put in an offer on a home that you like. 


If you have a good realtor, and you have done your homework as well, youíll be able to make an educated offer. Youíll have done your due diligence if you have a pre-approval letter ready and understand a bit about the market itself, along with the pricing typical of the neighborhood where youíre interested in buying. Your realtor can help you to understand as to whether the offer you want to put in is a good one or not. 


Know What You Want


The most important part of putting in an offer on a home is knowing what you want in a  home. Before you get to the point where you actually want to put in offers, itís a good idea to have searched a bit online, and even attended a few open houses in the area where youíre searching. This will give you a better idea of whatís out there in your price range.     


The First Offer Is The Best One


This is an old adage in the real estate business. If youíre a seller, you have to assume that what a buyer is offering is their top number. If other offers come in at a higher price, then buyers who were really interested in the home may be fresh out of luck. Thatís why putting in a strong offer is so important. You donít want to lose out on a home that you really want because you havenít taken the time to understand what a good price point for a home in your neighborhood of choice is.


New Listings Have More Interest


Homes that have just been listed generate the most enthusiasm. Sometimes, the biggest part of putting an offer in on a home is trial and error. Many people will put in 2 to 3 offers before they finally secure the home of their dreams. Newer listings typically expect more for the price point the house is listed at. If a home has been listed for a short time, buyers can expect to pay close to the asking price for the home. Homes that have been on the market for a longer period of time have more negotiating power, giving the buyer a bit more wiggle room in their offer.  

The bottom line is that if you see a home that you love, youíll want to put an offer in as soon as possible. When the market is hot, no home will last long. Be prepared to make an offer when you find that property you want so that the process will be a lot easier for you.  








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