Texas real estate continues to experience a strong Seller’s Market which means that inventory is low, demand is high, and desirable properties sell fast! Multiple offers are common so you are likely to be competing with other buyers.
1 – Get Pre-Approved
Unless you’re paying cash, the first step is ALWAYS to obtain a pre-approval letter. Shop for your mortgage at a favorite bank, credit union, mortgage broker, or on-line lender to get started. If you don’t already have a lender, I’m glad to provide lender referrals, just ask.
2 – 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.
3 – 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.
4 – 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, paying for the title insurance, offering shorter option period, 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. Your Realtor® understands the local market and can provide you with options that suit your individual circumstances.
5 – 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, it’s possible that 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 all or part of the gap between agreed upon sales price and the appraisal, depending on the terms of the contract.
6 – 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). Upping your option fee 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!