How to WIN Buying or Selling a Home in Today’s Market
With the housing inventory at an all-time low and interest rates currently under 4%, it makes for a very fast moving market.
As a seller, this is excellent news! You may not need to do the upgrades/updates that you think are necessary to sell your home for “top dollar.”If priced appropriately or according to market value, there is a high potential of receiving multiple offers from your home.It’s not always the highest offer that gets the home though…as a seller; you need to be conferring with your Realtor about the “best” offer.
In this multiple offer market that we are in right now, one of the challenges can be the appraisal.The home needs to appraise for the purchase price offered…if it appraises lower than that, the buyer and seller need to go back to the negotiation table and figure out what the best solution is.
On the flip side of the selling coin – buying a home in this market can be a challenge.It is important to know that there are some things that you can do to help you “win” the home you want to buy:
1. Have a pre-approval letter from a mortgage lender. Your Realtor will submit this letter with the offer to let the sellers know that you are ready to buy.
2. Make sure that your realtor makes a proper market comparison to see the market value for the home. It may not be what the asking price is.
3. If you are entering into multiple offers, consider adding a Home Warranty that covers the sellers until closing. That will take pressure off the “Inspection Contingency”.
Hopefully this answers a few of your questions…if you would like more information, the Meyer Real Estate Team is ready to help!
Meyer Real Estate Team
Mike Meyer: 612.685.0927
Becki Sigl: 952.220.5872