Three Tips for Buying Your Dream Home in a Competitive Market
House hunting in a competitive market like Atlanta can be daunting. Home prices are increasing and there are more interested buyers than available homes. When Shermika Bennet, a homeowner in Atlanta, needed more space to accommodate her family, she experienced these challenges firsthand. She found the home of her dreams, but it had four offers in just two days.
If you’re looking to buy a new home this spring or summer, here are three tips to help you present a strong offer and stand out from the crowd.
1. Come in with a strong price—and show you’re serious
Many homes in Atlanta are selling above asking price, so you’ll want to come in with a strong offer. You should also show pre-approval or pre-qualification from your lender. This should include completion of the full loan application, tri-merged credit report, and verified income.
2. Keep your offer as simple as possible
Most offers include contingencies—things like completing inspections and receiving a mortgage commitment—that need to happen for the sale to move forward. But some sellers may see contingencies as opportunities for the deal to fall through. That’s why in a hot market, some buyers may remove them to make their offer more competitive. Just make sure you feel comfortable with the terms.
3.Present an all-cash offer
When sellers are considering multiple bids, an all-cash offer is often more attractive because there is less chance of the transaction falling through. Shermika had heard about Opendoor’s new cash-backed offers program, which makes it possible for anyone to present an all-cash offer to a seller, free of financing, appraisal, and home sale contingencies, even if you need a home loan. She worked with an Opendoor agent to make an offer through the program. Although her bid was $25K less than the asking price, it was more appealing to the seller because of Opendoor’s cash backing—and she won the home.
For busy families like Shermika’s, the traditional way of buying and selling a home doesn’t always meet your needs. Interested in learning more about Opendoor’s cash-backed offers program? Visit www.opendoor.com.