The Dallas housing market is hot right now – and you’d think that Dallas real estate professionals would be thrilled. They would be, except for one slight problem: Too little inventory for too many buyers.
Agents report receiving 10 or even 20 offers on any new correctly priced listing. That’s extra work for listing agents as they help their clients sort through the listings to find the “highest and best” offer. And it’s sheer frustration for buyers’ agents.
Buyers’ agents report writing offer after offer for their clients, only to be rejected and have to start the search over again. And of course, the buyers themselves are doubly frustrated.
If you’re one of those frustrated buyers, you can increase your chances of having your offer accepted by following a few guidelines:
• Get pre-approved for your loan before you begin to search for a home. Carry that pre-approval letter with you so it can be submitted with your offer. Today’s sellers aren’t going to accept your offer if they aren’t certain you can follow through.
• If you’re buying with cash, keep your proof of funds handy for the same reason.
• Forget bargaining for a low price. Those days have passed. If your agent says the house is priced correctly, offer full price, or even a little more.
• Keep your offer “clean.” That means no frivolous contingencies such as 3rd party approval, waiting for a settlement, needing to sell your current house, etc.
• Don’t ask for anything that isn’t included. Do you want to give up the Dallas home of your dreams over a riding lawn mower?
• Don’t ask for seller concessions.
• Keep the time lines short for inspections.
• Set a closing date in accordance with the seller’s wishes. Most prefer to close quickly – but some need a longer closing date for personal reasons. Find out what they want and offer accordingly.
• See what else you can do to help the sellers. For instance, some may favor your offer over others if you’re willing to take the house with contents included. This is especially true if the house is part of an estate.
Remember that your offer includes both price and terms. In some cases, the terms will be more important than the price. So have your agent do a little research before you submit your offer.
If you’re thinking of buying a new home in Dallas, call me for pre-approval on your loan. You’ll not only increase your chance of having your offer accepted, you’ll know exactly how much you can spend on your new Dallas home.
Texas Mortgage Banker