Should You Make an Early Offer on a New Listing?
Deciding whether or not to place an early offer on a new listing can be confusing. However, as long as you have done your research on the area and have your finances in order, you can use these four tips to make the process easier and smoother for you.
Understanding what early offer means
When an offer comes in quickly many sellers feel that they have listed their home to low, and they may begin to question your offer. If you understand these emotions and make a reasonable offer you may have a leg up on getting the home over other buyers. Remember: people want to sell their home quickly and at the highest price, so using this information in your early offer can be beneficial.
Making sure your early offer is fair
By doing your research you will understand what a fair offer is for the home you are looking at. If you really want the home make sure you make an early offer at or close to market value to give you a better chance at getting the home. Do not give a low-ball offer especially if it is an early offer because the sellers may be offended by this and ignore your offer without countering.
Making yourself look appealing
The more appealing you look to the seller the better chance you have to get the home. You help yourself and your early offer if you have no (or fewer) contingencies (like needing to sell your home first). Also, if you are able to put 20% down payment on the home, you will look more desirable. Sellers want to take the offer from the candidate who has the best chance of closing and closing quickly.
Understanding the market in your area
Depending on where in Northern Virginia you live can help you decide when the best time is to make an offer on a new home. If it is a seller’s market you will not want to wait to make a good offer or else risk the home being gone. In these areas homes can sell in a weekend so you must be quick with your decision. Also, if you are making an early offer you are most likely not going to get a bargain. Sellers will not budge as much when a home is first listed.
As you prepare to make an early offer on a newly listed home, make sure you put yourself – and your potential new home – in a position to close quickly. These four tips can help you make a solid early offer on a home. If you like the home and have done your homework, be confident in your offer even if it is early.