Q: How can a first-time homebuyer compete in a multiple-offer environment?
A: A multiple-offer environment is hard for anyone, not just a first-time homebuyer. If they know they are in a multiple offer situation, they just have to go with their best and their highest.
Sometimes, that does not necessarily include just the price, but also another portion of the contract such as home service warranty, closing costs, time to close, who pays for surveys, etcetera.
There are several different aspects of a contract that can make it more competitive. It is not just the price. It also includes how strong the pre-approval letter is. They especially need to utilize all aspects of the negotiation process, not just the bottom line.
A first-time homebuyer definitely needs a Realtor to help them through this process. Everyone does, quite frankly, but someone who has never done this before especially needs one to get the best deal possible and to stay within all of the guidelines and laws. Today’s market is currently a seller’s market in the majority of the Houston area.
[Buyers] need to go in and make an offer on a home when they find one that they like. Don’t wait, because that just gives someone else a chance to place an offer, and then you are in a bidding war. Once you find something you like, don’t overthink it.
— Jean Risha, Realtor associate with Better Homes and Gardens Gary Greene, 713-826-8587
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