Are you thinking about buying a home in Chicago, Illinois, soon? If so, you should know that today’s market is competitive in many areas because the number of homes for sale is still low, leading to multiple-offer scenarios. As we approach the peak homebuying season this spring, this is only expected to ramp up further.
Remember these four tips to make your best offer.
1. Partner with a Real Estate Agent
Rely on a real estate agent who can support your goals.
As PODS notes:
“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”
Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may seek. That advice can be game-changing when you’re deciding what offer to bring to the table.
2. Understand Your Budget
Knowing your numbers is even more important right now. The best way to understand your budget is to work with a lender so you can get pre-approved for a home loan. Doing so helps you be more financially confident and shows sellers you’re serious, giving you a competitive edge.
As Investopedia says:
“. . . sellers have an advantage because of intense buyer demand and a limited number of homes for sale; they may be less likely to consider offers without pre-approval letters.”
3. Make a Strong but Fair Offer
It’s only natural to want the best deal on a home, especially when affordability is tight. However, submitting an offer that’s too low does have some risks. You don’t want to make an offer that’ll be tossed out as soon as it’s received to see if it sticks.
As Realtor.com explains:
“. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”
The expertise your agent brings to this part of the process will help you stay competitive and negotiate a fair price with the seller.
4. Trust Your Agent During Negotiations
After you submit your offer, the seller may decide to counter it. When negotiating, it’s smart to understand what matters to the seller. Once you do, being as flexible as possible on moving dates or the house’s condition can make your offer more attractive.
Your real estate agent is your partner in navigating these details. Trust them to lead you through negotiations and help you figure out the best plan.
As an article from the National Association of Realtors (NAR) explains:
“There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs . . .”
Bottom Line
In today’s competitive market, let’s work together to find you a home in Chicago, Illinois; you love and craft a strong offer that stands out.
