Should You Submit Multiple Homebuying Proposals at the Same Time?

If you find lots of great homes are available and cannot decide which residence to buy, there is no need to stress. Rather than submit multiple offers to purchase various houses, you should hone your home search. By doing so, you can discover the right residence, at the right price.

Now, let’s take a look at three tips to help you narrow your home search.

1. Define Your Dream Home

Think about the features you want in your dream home. Then, you can make a list of “must-have” home features and search for residences that offer these features.

Furthermore, consider where you want to reside. If you prefer big city living, for example, you may want to focus exclusively on city houses. On the other hand, if you want to reside in a small town, you can search for residences in myriad small towns.

2. Conduct a Preliminary Housing Market Review

Let’s face it – searching for a home can be overwhelming, regardless of whether you are a first-time or experienced homebuyer. But if you perform a preliminary housing market review, you can get a good idea about the volume and quality of available residences. Next, you can use this real estate market information to map out your homebuying journey.

Of course, it may be beneficial to attend open house events as well. These events enable you to get an up-close look at assorted residences. They also can help you understand the features you want in your dream house so you can further refine your home search.

3. Consult with a Real Estate Agent

When it comes to navigating the housing market, it helps to have a real estate expert at your side. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help you acquire a superb residence at an affordable price.

A real estate agent understands what it takes to help you find a quality home that won’t force you to break your budget. First, he or she will learn about your homebuying goals and teach you about the real estate market. A real estate agent next will help you analyze the real estate market and explore a broad range of houses. And once you find a house you want to buy, a real estate agent will help you craft a competitive offer to purchase this residence.

Let’s not forget about the guidance a real estate agent provides throughout the homebuying journey, either. Purchasing a house is no small feat, and a real estate agent will take the guesswork out of the homebuying cycle. Best of all, a real estate agent can respond to your homebuying concerns and questions at any time.

If you want to discover a home that matches your expectations, it helps to plan ahead for the property buying journey. By taking advantage of the aforementioned tips, you can streamline your house search and find your ideal home faster than ever before.

Should You Reject an Offer to Purchase?

In some instances, it may be beneficial to reject an offer to purchase your home. Because if a homebuying proposal fails to meet your expectations, you may want to wait for another offer to come your way.

Reviewing a homebuying proposal and determining whether to reject this offer can be tricky. But we’re here to help you evaluate an offer to purchase so you can decide the best course of action and feel confident about your choice.

Now, let’s take a look at three tips to help you assess an offer to purchase and determine whether to decline.

1. Review the Local Housing Market

The housing market in your city or town is a major factor in the property selling journey. If you’re selling your residence in a buyer’s market, you likely face steep competition to sell your house and maximize its value. Comparatively, if you’re operating in a seller’s market, there may be an abundance of buyers and a shortage of sellers in place.

Take a look at the prices of recently sold residences and how long these properties were listed before they sold. You may want to consider the prices of currently available houses in your area that are similar to your residence too. With this housing market data in hand, you can differentiate a buyer’s market from a seller’s one and take a data-driven approach to decide how to proceed with an offer to purchase.

2. Weigh Your Home’s Strengths and Weaknesses

You believe your home is great, but you also realize that your residence is far from perfect. As such, it often helps to weigh your residence’s strengths and weaknesses relative to an offer to purchase and proceed accordingly.

For example, if a homebuyer submits a competitive offer to purchase your home in spite of its exterior damage, you may want to accept this proposal. On the other hand, if a buyer submits a “lowball” offer on your recently upgraded house, you may want to decline this proposal.

3. Consult with a Real Estate Agent

If you’re unsure about whether to reject an offer to purchase, there is no need to worry. You can always hire a real estate agent, and this housing market professional can provide comprehensive support throughout the property selling journey.

A real estate agent is ready to help you in any way possible. If you need help listing your residence and promoting it to prospective buyers, a real estate agent can assist you. Or, if you want to find innovative ways to enhance your residence’s curb appeal, a real estate agent can provide home exterior upgrade recommendations.

Of course, a real estate agent will work with you to review any offer to purchase your house. You and your real estate agent together can discuss the pros and cons of a homebuying proposal and make a decision that corresponds to your house selling goals.

Take the guesswork out of reviewing an offer to purchase – use the aforementioned tips, and you can decide whether rejecting a homebuying proposal is the best option.

Should You Counter an Offer to Purchase?

If you’re on the fence about whether to reject or accept an offer to purchase, it is important to remember that a third option is available: submitting a counter-offer.

Ultimately, deciding to submit a counter-offer can be a tough choice for first-time and experienced house sellers alike. But we’re here to teach you about the benefits of counter-offers and ensure you feel confident to submit a counter-proposal as needed.

Let’s take a look at three tips to help you decide when to submit a counter-offer.

1. Assess Your Residence

Although the initial asking price for your house is not set in stone, you likely have expectations about how much you should receive for your home. But if a homebuyer submits an offer to purchase that falls below your expectations, you should assess your residence to help you make the best-possible decision.

Try to take an objective view of your home – you’ll be glad you did. For instance, if you discover your home is one of many similar properties available in a buyer’s market, you may want to accept an offer to purchase, even if it falls below your expectations. On the other hand, if you feel that your home is in great condition and you receive an offer to purchase that is short of your initial asking price, you may want to counter the proposal or reject it altogether.

2. Review the Housing Market

Housing market data can help any home seller make informed decisions throughout the property selling journey. There is plenty of housing market data at your disposal, and you should not hesitate to use it, especially when you analyze an offer to purchase.

Oftentimes, it helps to look at the prices of recently sold residences, the prices of available residences in your area that are similar to your own and other pertinent housing market data. With this information, you can gain deep insights into the housing market. Then, you can determine whether an offer to purchase falls in line with the current state of the real estate sector.

3. Work with a Real Estate Agent

There is no need to review an offer to purchase on your own. Fortunately, if you hire a real estate agent, you can get the help you need to perform an in-depth analysis of any offer to purchase.

A real estate agent is a house selling expert who will allocate the necessary time and resources to help you review an offer to purchase. He or she can provide a recommendation about whether to counter a homebuying proposal and explain the reasons for this recommendation as well. Plus, if you ever have concerns or questions about an offer to purchase, a real estate agent is happy to address them.

Should you counter an offer to purchase? The answer depends on the home seller, the real estate market and other factors. And if you use the aforementioned tips, you can perform a full evaluation of an offer to purchase and proceed accordingly.

How to Field a Low Offer on Your Home

Receiving a low offer on a home can be frustrating for a seller. But, you’re likely to see at least one or two offers on your property that are lower than you would like.

Right now, the housing market is filled with young professionals burdened with student loans, rising costs of living, and stagnating wages. So, it’s no wonder that they’re trying to save money anywhere they can.

In today’s post, we’re going to talk about what to do when you get a low offer so you can set yourself up for a sale that you’re happy with.

Don’t refuse outright

The first thing to know about low offers is that they can sometimes turn into something that both you and the buyer are happy with. Many successful home sales started at a number that the seller considered too low, but–through negotiation–was brought to a higher price and better deal overall.

Many sellers are uncomfortable with the idea of negotiation. Most people seldom negotiate prices unless they are buying a car, and even then would prefer to avoid the hassle.

For others, negotiation is a normal part of everyday life. Flatout refusing an offer, especially if you aren’t receiving many other higher offers, could be a missed opportunity.

Compare your asking price with similar homes nearby

Odds are that you and your agent have already done your research and found an asking price that is comparable in your neighborhood. But home prices fluctuate. To reassure yourself that your asking price is fair, take another look at homes up for sale that are around the same age and size of your home.

Take time to craft a counteroffer

Once you’ve had time to talk the offer over with your family and real estate agent (and maybe vented a bit), it’s time to come up with a counteroffer.

There are a few options for making a counteroffer that don’t involve significantly lowering the amount you stand to gain from the home sale. First, you could offer to relieve the buyer of some of the closing costs, such as paying for the inspection. Or, if you planned on leaving new appliances in the home, you could lower your asking price but take the appliances when you move.

Weigh your options

If the buyer still won’t raise their offer close to your asking price, it’s probably a good time to move on and rethink your sale strategy.

Take some time to consider the sale as a whole. If you aren’t receiving many other offers, it might be time to consider lowering to price or rethinking your marketing plan. You might consider repainting and taking new photos, or changing up your listing to highlight some other features of the house.