If you've been following the local real estate trends, you already know that the Dallas-Fort Worth Metro Area is one of the hottest places in the country to shop for homes. And when you're competing for your dream home with other house hunters in a high-demand market, making the perfect offer is vital if you hope to land your first-choice home.
The trick to buying a house is understanding the priorities of the seller, and many of those priorities will be similar from one seller to the next. Yes, the financial component of the offer is most important, but there are plenty of additional steps that you can take to stand out from the pack, too.
Our team at RE/MAX DFW Associates knows what it takes to buy homes in Dallas-Fort Worth, and we're letting you in on six of our proven secrets to help you make a winning offer for your dream home.
How to Make an Offer They Can't Refuse
1. Come with Cash...
If you can make a full-cash offer when buying a house, you are going to be way ahead of the game. Home sellers love cash offers because cash simplifies the closing process. There's no mortgage to worry about, and the seller will be able to turn around and use that cash to help finance the purchase of their next home, if needed.
2. ... or Pre-approval
While full-cash offers do happen, the majority of buyers still rely on a mortgage to finance the purchase of a home. If you do plan to leverage a mortgage to purchase your new home, getting pre-approved by your lending institution will make a huge difference in the appeal of your offer. A pre-approved mortgage isn't quite the same as cash, but it's definitely the next best thing.
3. Be Flexible
Every seller is a bit different, and meeting the seller's timeline will definitely add appeal to your offer. This is especially true if the seller is also shopping for a house of their own and needs a bit of flexibility when it comes to the timing of the deal. If you have a cash offer or pre-approval, you'll be in better position to stay flexible.
4. Market Analysis
When shopping for a home, you're never bidding in a vacuum. There are other potential buyers, external market factors, and good old home values to consider, so a careful analysis of your real estate market will allow you to choose the right value for your offer. Your real estate agent should be your go-to resource for learning more about your local real estate market, and you can find useful data online, as well.
5. Offer Fair Value
You don't need to show all your cards right away, but it's usually a good idea to be reasonable with your first offer rather than setting an unusually low price. A low-ball offer may turn the seller off completely, so use your leverage but don't abuse it.
6. State Your Case
Selling a home is a financial decision, but it's also an emotional one. If you simply have to have a specific home, consider writing a letter to the seller expressing why you'd be a great fit. A personal appeal doesn't trump a solid financial offer, but it can be a tiebreaker in your favor if your offer is similar to the seller's other main contenders.
Buying a house and need a hand making the perfect offer? Contact our team at RE/MAX DFW Associates for everything you need to buy a home in the Dallas-Fort Worth Metroplex.