You've toured properties and kept a rotating score of your favorites, and now it's time to submit an offer on your first home! This is where working with the right agent truly comes into play. Your Realtor® will help you carefully curate a competitive offer on the property of your choice.
Pricing. Your Realtor® should prepare a Comparative Market Analysis (CMA) and evaluate the historical transactions within the vicinity of the property over a period of time in order to hone in on the approximate the market value of the home that you are interested in. There are many factors that go into determining the going rate for a home in a particular location. Remember, market value often time does not align with the assessed or appraised value of a property, which are used for tax and financing purposes respectively. This analysis, in conjunction with your Realtor's® expertise, will allow for an informed decision around the price that will be written into your offer.
Terms. Outside of pricing, the terms of your offer allow you to set yourself apart from the other parties who are interested in the property. Terms of an offer predominantly relate, but are not limited, to financing and inspection. Your Realtor® will walk through each of these categories with you and tailor your terms to your unique situation in order to make a competitive offer that you are comfortable with.
Love letters. Love letters are personal notes written from a buyer to a seller and often include the reasoning behind why a buyer is passionate about the home that they have decided to make an offer on. They often time include a picture or two of the buyer and a little bit about who they are. Love letters have the ability to humanize a buyer's offer and turn a piece of paper into a real person. Empathy has the ability to go a long way, as real estate transactions can be an emotional processes for both parties involved.
If your offer is accepted, congratulations - that's amazing! However, it is important to keep in mind that this isn't always the case. There may be instances where your offer isn't accepted, which can be a hard reality in a competitive market. It may be that another party had stronger terms (all cash offer vs. financing) or that they simply priced you out of consideration. Debrief on the overall experience with your Realtor® and write down key takeaways for the next time that you're ready to act on a property. Happy house hunting!
Erica Carson Realtor®, License #9556847 Waterfield Sotheby's International Realty 48 Mount Vernon Street, Suite One Winchester, MA 01890 WSIR #7563 (c) 781-927-8517 (o) 781-729-7900
firstname.lastname@example.org instagram: @erica.carson.realtor