In today’s low inventory market, finding the perfect home can be difficult. Most sellers are receiving multiple offers on their homes within weeks, or even days, of listing them. Below we have listed four things to keep in mind when the time comes to make an offer on the home you’ve been eyeing.
“For every listing there are 5.1 offers. Half of the homes are being sold above list price.”
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
While not every home is part of a homeowner’s association (HOA), if there is one for the neighborhood you are looking in, depending on the state the home is in, you may be able to work within an HOA clause to schedule your inspection. Clauses such as an HOA clause allows you a specified amount of time to review the complex bylaws of the HOA, and if you see something in the rules that you disagree, with you can discuss with your agent to review your options with the home sale.
If you are in the market to buy a home, being pre-approved and making a competitive offer is very important. If you find a home that grabs your attention, you need to be prepared to put an offer on it quickly, since we are in a sellers’ market. Connect with our team today to get started on your homebuying journey with an experienced lender!