• (714) 470-8600
    • mike@mikepatel.com

Mahesh Mike Patel

Anaheim Hills Real Estate

  • Menu
  • Search
    • Advanced Search
    • Map Search
    • Listing ID Search
    • Address Search
    • Browse by City
    • My Account
  • About
    • Meet Mike
    • Read Reviews
    • Watch Reviews
    • Marketing Plan
    • Luxury Homes
  • Buyers
    • Buying With Us
    • Hot Properties
    • Luxury Homes
    • Off Market Listings
    • Mortgage Calculator
    • My Listing Manager
    • Commercial
    • Residential Income
    • REO Properties and Foreclosure
    • Short Sale Properties
  • Sellers
    • Free Instant Home Value
    • Selling With Us
    • Marketing Plan
    • Sold Portfolio
    • FREE Home Valuation
    • Luxury Homes
    • Commercial
    • Residential Income
    • Short Sale Properties
    • REO Properties and Foreclosure
    • 12 Reasons Your Home Didn’t Sell
  • Communities
    • Anaheim
    • Anaheim Hills
    • Brea
    • Buena Park
    • Fullerton
    • Garden Grove
    • Orange
    • Placentia
    • Tustin
    • Tustin Ranch
    • Villa Park
    • Yorba Linda
  • Commercial
  • Income Properties
    • Residential Income
    • REO Properties and Foreclosure
    • Short Sale Properties
  • Youtube Channel
  • Blog
    • Events
  • Contact

5 Tips for Homebuyers Who Want to Make a Competitive Offer

5 Tips for Homebuyers Who Want to Make a Competitive Offer | Simplifying The Market

Today’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a confident and competitive offer. Here are five keys to success for this important stage in the homebuying process.

1. Listen to Your Real Estate Agent

A recent article from Freddie Mac offers guidance on making an offer on a home in today’s market. Right off the bat, it points out how emotional this can be for buyers and why trusted professionals can help you stay focused on the most important things:

“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

Your real estate professional should be your primary source for answers to the questions you have when you’re ready to make an offer.

2. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to reach out to your lender to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. It shows sellers you’re a serious, qualified buyer and can give you a competitive edge if you enter a bidding war.

3. Be Ready to Move Quickly

According to the Realtors Confidence Index, published monthly by the National Association of Realtors (NAR), the average property being sold today is receiving more than three offers and is only on the market for a few weeks. These are both results of today’s competitive market, showing how important it is to stay agile and vigilant in your search. As soon as you find the right home for your needs, be prepared to work with your agent to submit an offer as quickly as possible.

4. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t submit an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:

“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”

5. Be a Flexible Negotiator

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. Your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). There are, however, certain contingencies you don’t want to forego. Freddie Mac explains:

“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home, and a trusted expert can help you rise to the top along the way.

Posted in: News & Blog

Post navigation

« Key Terms to Know in the Homebuying Process [INFOGRAPHIC]
Knowledge Is Power on the Path to Homeownership »

Search Properties

Get FREE Listing Manager

Login to Listing Manager

Featured Properties

1064 N Tustin Street $1,800,000

1064 N Tustin Street Orange, California

Beds Baths 2,666 Sq Ft Acres

1062 Irvine Boulevard $1,600,000

1062 Irvine Boulevard Tustin, California

Beds Baths 1,500 Sq Ft Acres

Search for:
Search for:
Search for:

RSS MikePatel’s Blog

12 Reasons Your Home Didn‘t Sell

Fill out this form to get this information-filled booklet as a PDF download.

  • This field is for validation purposes and should be left unchanged.

From Our Clients…

Yvonne Y.

I can’t say enough good things about Mike Patel! He’s professional, honest, hard working and just an overall kind person. He knows residential real estate like the back of his hand, an incredible negotiator! If you’re in need of a local Realtor look no further.

Read More Reviews »

What’s Your Home Worth?

I am the premier agent to turn to when you are ready to list your property to sell quickly and at top dollar! I compare other properties in the local market to make sure we list it at the right asking price.

FREE Home Valuation

Mahesh Mike Patel

  • Call/Text: (714) 470-8600
  • mike@mikepatel.com
  • 8028 S Santa Ana Canyon Rd Anaheim Hills, CA 92808
Happy Client testimonial

© 2022 Mahesh Mike Patel, CA BRE# 01146880 | All Rights Reserved

Agent Reputation – Real Estate Website Design

Privacy Policy | DMCA | Sitemap