Summer is traditionally a busy time for buyers and sellers. This year has been no exception —and with lower interest rates, many homebuyers are finding the competitive environment challenging. With multiple buyers competing for properties, even terrific offers are often being outbid.
Fortunately, there are some things you can do to make your offer more attractive to the sellers and increase the chances of getting the property. • Have Full Pre-Approval – A step beyond pre-qualification, a pre-approval involves submitting your full application to underwriting. Your lender will collect all your financial data and submit for review. This is stronger than a pre-qualification; a pre-approval requires the buyer to provide proof of their ability to qualify for the loan.
• Increase the Earnest Money – Earnest money is the deposit held in escrow. While the contract will dictate how monies are disbursed in the event of a cancellation, increasing the amount offered can show the seller you’re serious.
• Add an Escalation Clause – In a bidding war, it can be difficult to know what to offer because you want to outbid the competition without going too high. An escalation clause is one way to automatically outbid the others. The clause typically offers an amount—$1,000 for example—higher than any verifiable offer up to a specific amount. This can ensure yours is the highest offer.
• Pay any Appraisal Shortage – When offering more than theasking price, sellers become concerned about the appraisal coming in too low. If you are willing to pay over market value, include the amount of shortage you are willing to pay.
• Remove Inspection Contingency – This option can be tricky, but if you are planning a large remodel or are willing to tackle any defects found, then you can make your offer stronger by accepting the home as-is.
In this fast-moving, competitive real estate market, it’s important to make your offer stand out from the crowd. These strategies are great ways to demonstrate to the sellers that you’re serious about buying their home, increasing the chance of having your offer accepted. Learn more about how we can help, you win the bid on your dream home today!! Contact the Stephanie MacDonald Team today.
Many homeowners are surprised when they suddenly realize that the “perfect” home of just a few years ago no longer suits their needs. From an expanding family to an empty nest, it’s common for a home to no longer be the right fit. If you’re unsure if you’ve reached the point where a move is warranted, here are a few signs you’ve outgrown your home.
More Kids than Rooms or More Rooms than Kids – Life changes and our homes must change also.
Clutter or Lack of Storage – Do you need more closet or storage space? A home with more space could be the answer.
Home Office – More and more companies are opting for telecommuting or home office workers, if your kitchen is your office, it might be time to look for a new home with extra room for a home office.
Outdoor Entertaining – Home design trends over the last couple of decades have seen a rise in outdoor living and entertaining areas. You might have simply outgrown your yard if you crave space for an outdoor living or dining area.
Lifestyle – The square footage might be fine, but you would prefer a different floorplan; more open, single-story, more windows, etc.
Your reasons for moving will be as unique as you are, but these are just a few considerations that indicate you might have outgrown your current home. Make sure your home still meets your needs and wants, then you’ll be able to decide if it’s time to move.
The Stephanie MacDonald Team has access to some amazing programs that make upgrading or downsizing your home easy. FromCompass Conciergethe hassle-free way to sell your home faster and for a higher price with services like staging, flooring, painting and more. To Compass Bridge Loan Services, a simple solution to bridge the gap between the home you have now and the home you want!
If you have any questions about upgrading your home, or if you’re looking for representation on your next purchase or sale, contact Stephanie MacDonald, ESQ. now.
The Stephanie MacDonald Team
Personalized Service. Proven Results. Serving the Mainline, Center City Philadelphia and South Jersey.
With the start of the New Year, thoughts naturally turn to change. If one of your New Year’s Resolutions is to sell your home, then making the right resolutions can help you sell your home quickly and for the best possible return.
Move Up Spring Cleaning – Time to do your spring cleaning now. Declutter, depersonalize and make the home look roomier.
Stage Your Home – Whether you hire someone or do it yourself, this is the time to rearrange your furniture to make your rooms look bigger and brighter.
Think it Through – Before you spend money on renovations and upgrades, think carefully and don’t overspend by guessing.
Take Care of Neglected Repairs – This is a great time to hire a handyman or break out the tool belt to take care of deferred maintenance and take care of minor repairs.
Interview Real Estate Agents – Hiring a real estate agent is critical to your success. Take the time to interview a number of agents and choose the right one for your needs.
Check out the Competition – Go see homes listed for sale in your area and adjust your timing, staging, and pricing based on the market.
Prepare Mentally – Selling a home can be stressful. Be prepared for low offers, picky buyers, drop-by agents, and odd terms. Prepare yourself now so you will take them in stride when you’re on the market.
Choosing the right agent is crucial to stress-free and easy home buying or selling on the Main Line, Center City and Southern New Jersey. The right agent has the resources and expertise to guide you through the process, every step of the way. If you have any questions or you’re ready to get started, please do not hesitate to call or email us. We’d love to hear from you!
The Stephanie MacDonald Team | 610-246-1048 | firstname.lastname@example.org