Don't despair! There are many things even first time home buyers can do to be more competitive in today's market. Yes, the market has been going crazy for some time. Interests rates are still extremely low and it is a great time to buy a home for that reason alone. It does look like the steady increase in prices of homes is starting to slow down or level off. Many properties are staying on the market longer and getting fewer offers. There is still a lot of activity in more entry level homes. This means that if you are looking for your first home you need to do EVERYTHING that you can to make YOUR offer to as competitive as possible. Here are some things that you can do to help sellers notice your offer and put it on the top of the stack:
1. Include in your offer a pre-approval letter from your lender that is specific to the property
2. Include a sizable deposit in the offer
3, Offer as much down payment as possible
4. Offer many things to the seller that will help their situation (ie:free rent back, long or short escrow)
5. Include a personal introduction letter (My next post will go into more detail on this)
All of these things can help highlight your offer in the eyes of the seller. Sometimes you just can't compete with an all cash offer or other items but there are many things you can do to stand out and be as strong as possible.
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Heather Thurber is a Sonoma County native with a strong love for and knowledge of the local area. Running her family business for years, Paperbacks Unlimited, has given her extensive experience that she now brings to the real estate industry. She is highly skilled at working one-on-one with clients and will guide you through every step of the process, helping to make your path home as smooth and stress free as possible. A home purchase is often the largest purchase you will make in your life and Heather is 100% committed to providing excellent service and supporting you to make your best real estate decisions with confidence and clarity.