Texas real estate continues to experience a tight Seller’s Market, which means that most properties are selling fast and prices are climbing.
1 – See the property ASAP
If you can’t physically visit a new listing immediately, we can usually arrange to show you the property virtually via phone, or provide a video tour, within a reasonable amount of time.
2 – Make your best offer first
Offer your very best price right off the bat. As your experienced Realtors®, we will research the market and advise you about pricing your offer appropriately in our current Sellers Market.
3 – Offer non-price incentives
In addition to offering top dollar, there are other ways to make your offer more attractive to sellers. Foregoing seller paid home warranty, obtaining a conventional mortgage instead of VA or FHA, not making the purchase contingent on the sale of your current home, and being flexible about the closing date are a few tactics to consider.
4 – Appraisal considerations
Your mortgage lender will probably order a professional appraisal to determine the maximum amount they will loan on the property. If your offer is on the high side, there’s a good chance your lender’s appraisal will be lower than the contract price. In order to make offers more attractive to sellers, many buyers are waiving the right to terminate due to lender’s appraisal. However, buyers who do so will need to pay cash at closing to bridge the gap between agreed upon sales price and the appraisal.
5 – Cash is king
Along with offering your highest and best price, show a seller how serious you are by offering higher than usual earnest money (the deposit made to the seller to show a buyer’s good faith in a transaction). In most Texas markets, earnest money is typically 1% of the offer price so you might consider offering 1.5-2%. Upping your option fee (usually 0.1% of the sales price) may also be helpful. If you can pay cash instead of getting a mortgage, it can potentially increase your buying power.
Our network of Texas Aviation Property Specialists understand these market conditions and are eager to help you purchase your dream runway property!