Four Tips for Making Your Strongest Offer in Suffolk County’s Competitive Housing Market
Are you planning to buy a home in Suffolk County, NY, in the near future? If so, it’s important to be aware that today’s housing market is highly competitive due to a shortage of homes for sale. This – plus the fact that Spring is the peak home buying season of the year – means that buyers will be likely to receive more than one offer on any property they plan to sell in the next few months.
As a prospective buyer, you want any offer you make to a seller to be taken seriously and — if the deal is right — acted upon quickly. So here are some tips for maximizing the chances that your offer will be the one that catches the seller’s interest.
- Team Up with an Experienced Real Estate Agent
Sure, you can come up with your own estimate as to what a given property is worth, but it’s far more productive to enlist the services of an experienced real estate agent who knows the residential real estate market in Suffolk County. Such an agent knows what has worked for other buyers and what sellers might be seeking in an offer. Having an experienced pro on your side gives you a big advantage in terms of determining the sum to offer for a house, which means your offer has a greater likelihood of being taken seriously by the seller. - Get a Home Loan Pre-Approval Letter
Unless you intend to finance your purchase with cash, it’s a wise move to get a home loan pre-approval letter from your bank or other lending institution. Being able to show this piece of paper to a seller will reinforce the fact that you’re serious about your offer and have the financial means to complete the transaction. Sellers want transactions to go smoothly with no hitches or delays and may look more favorably on prospective buyers who can show that they’re loan-worthy than those that can’t demonstrate this with a formal document. - Bargain Vigorously, But Don’t Bargain Too Hard
You naturally want the best deal possible, but it’s a mistake to attempt to drive down the house’s selling price beyond the point that will be acceptable to the seller. Some sellers may actually feel insulted if they receive offers that are much lower than the seller’s own estimate as to what the property is worth, which is never a good thing when you’re competing with other prospective buyers. It’s best that your offer be perceived as being fair, in other words “in the ballpark” of what the seller expects. Fair offers – even if they’re lower than what the seller wants – have a better chance of generating counter-offers than offers that are too low. Again, your real estate agent can be a big help in terms of helping you price a fair offer. - Put Yourself in the Seller’s Shoes During Negotiations
Your seller may want to counter your offer with a counter-offer. That’s great – it means you’re closer to reaching a “meeting of the minds” about what the home is worth. During negotiations it can often be productive to put yourself in the seller’s shoes. What’s important to him or her? Timing? Are there repairs or corrections that need to be made before the sale can be completed? Are there other issues on the seller’s mind? Once again, your real estate agent can be a great partner in this part of the negotiating process. By fully understanding what’s important to players on both sides of the transaction, it’s much easier to find agreement resulting in a successful sale.
Bottom Line
Today’s residential real estate market in Suffolk County is highly competitive, but there are steps you can take to move your offer beyond those made by competitors. Teaming up with experienced agents like Team Rita can give you a great advantage, along with having a loan pre-approval letter, negotiating reasonably, and putting yourself in the seller’s shoes. Taking these steps can ensure you’ll have the very best odds of acquiring your new home quickly and on the best possible terms.
Have more questions about acquiring real estate in Suffolk, County, Contact Team Rita today!
