First-Time Homebuyer Tips: Submit a Fair Offer on a House

by Lisa Duguay, ABR, SRES 12/10/2017

Submitting a "fair" offer on your dream home may seem difficult, particularly for a first-time homebuyer. Lucky for you, we're here to help you determine what it takes to submit a fair offer on a home that increases the likelihood that a home seller will accept your proposal without delay.

Now, let's take a look at three tips to ensure that a first-time homebuyer can submit a fair offer on a house.

1. Study the Housing Market Closely

Are you preparing to submit an offer in a buyer's market or a seller's market? Ultimately, the current state of the housing market may help you define a fair proposal based on the sector's conditions.

For example, a buyer's market frequently includes an abundance of top-notch residences and a shortage of homebuyers. In this market, you may be able to submit an offer at or below a home seller's initial asking price and receive an instant "Yes."

On the other hand, a seller's market usually features a shortage of high-quality houses and an abundances of homebuyer. As such, you may need to submit an offer at or above a home seller's initial asking price if you want to secure your dream residence.

For first-time homebuyers who analyze the housing market closely, they should be able to differentiate between a buyer's market and a seller's market. That way, a first-time homebuyer can determine fair market value for a residence and submit an offer that corresponds to it.

2. Evaluate Your Homebuying Budget

There is no need to overspend for a house, regardless of the current housing market's conditions. But with a homebuying budget in hand, a first-time homebuyer can resist the urge to pay too much to acquire an outstanding residence.

Getting pre-approved for a mortgage often provides a great option for those who are uncertain about how much they can spend on a home. This budget will enable a homebuyer to narrow his or her home search based on the finances at his or her disposal.

Meet with a variety of banks and credit unions to learn about all of your mortgage options. Then, you can select a mortgage that matches your budget and move one step closer to acquiring a terrific residence.

3. Work with a Real Estate Agent

A real estate agent is a must-have for a first-time homebuyer, and for good reason. This housing market professional can teach you about the intricacies of buying a house and help you submit a fair offer on a residence any time you choose.

Furthermore, a real estate agent will guide you along each stage of the homebuying journey and help you overcome any potential pitfalls along the way. And if you ever have homebuying concerns or questions, a real estate agent is happy to respond to them at your convenience.

Take advantage of the aforementioned tips, and by doing so, a first-time homebuyer should have no trouble submitting a fair offer on a residence.

About the Author
Author

Lisa Duguay, ABR, SRES

Lisa is a sales and marketing professional with over 20 years of experience representing buyers and sellers throughout Fairfield County. Her deep understanding of local residential markets and current trends along with the exceptional local and global networking resources of Berkshire Hathaway allow her to provide the highest level of personalized, professional and confidential services to her clients. An experienced listener and negotiator, she works with her clients to thoroughly understand and achieve the results they desire. Dedicated, discreet, ethical, honest and principled, Lisa has been consistently recognized as a top producing agent and is a trusted resource within her communities. * Certified Relocation Specialist *Accredited Real Estate Buyer’s Representative (ABR) *Accredited, Senior Real Estate Specialist Council (SRES) *Member, National Association of Realtors *Member, Connecticut Association of Realtors *Member, Greater Fairfield Board of Realtors * Member, National Association of Home Builders (NAHB) Lisa is a lifelong area resident who grew up in Westport and currently resides in Southport. She is actively involved as a volunteer for several local organizations including the CT Alzheimer’s Association.