Posted: 04/09/2018

Spring is here and with spring comes a competitive real estate market.

With home buying frenzies getting started earlier and earlier, buyers everywhere are preparing to buy a new home in what is considered the “busy season” – April and May. There are various things that Bay Area home buyers can do to make sure that their offer stands out.

Get Pre-Approved

The first thing a home buyer should consider is getting pre-approved on a home loan and determining affordability and loan options. There are a variety of loan options available, so find the one that works for you. In the Bay Area, many home buyers utilize a Jumbo Loan, which is available in both fixed and adjustable rate terms.

Gathering the necessary paperwork for the loan approval process may take some time, so it is important to get started as soon as possible. After you’ve gathered all your paperwork, contact a loan professional at Guarantee Mortgage to complete the process. Having a pre-approval letter in your possession goes a long way when negotiating for your dream home.

Find a Real Estate Agent

Negotiations are a critical part of the buying process, so consider finding a savvy real estate agent who is experienced, trustworthy and knowledgeable about the neighborhoods you are considering. When choosing a real estate agent, discuss calendar dates, time frame and scheduling to make sure you both can schedule appointments that fit into the desired timeframe.

Put Together an Offer

Once you feel like you’ve found your potential dream home in the right neighborhood, discuss what kind of offer you have in mind with your real estate agent. It might be a good idea to prepare yourself for putting in multiple offers. Your agent should be able to share information about what other homes have sold for in the surrounding area. Your agent may also be able to tell you whether other offers have been submitted. If there are other offers on the table, you will need to make a compelling offer that will stand out from the competition.

Be Flexible

There are a few ways you can stand out and make a compelling offer. First, consider removing any contingencies and avoid making too many demands unless they are truly necessary. Sellers will gravitate toward offers that make their lives easier so it is important to be flexible.

Show the sellers that you can accommodate their needs, whether they need a fast close or more time to find another home. If you feel like competition is steep, and you have some room in your budget, you can offer to pick up some of the seller’s fees. Work with your real estate agent to make sure that your offer makes sense and does not violate any offer guidelines.

Write an Offer Letter

One nice last touch is to include a short note to the seller conveying how much you love the home and how perfect it is for you and your family. Try not to divulge too many details that could turn the situation awkward; something short and sweet should do the trick.

Now that you are armed with these top tips for making compelling home offers in a competitive home Bay Area market, you can get started right away with finding your dream home. Consider partnering up with one of our friendly loan professionals today so we can help you navigate the path to homeownership.

Contact a Guarantee Mortgage Loan Advisor today!

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