Here are five tips to help buyers get their offers accepted.
Lately, I’ve been hearing the term “buyer’s remorse” thrown around a lot. I don’t doubt that many buyers are discouraged; interest rates are on the rise, and inventory is falling drastically. We currently have around 200 residential units available in our marketplace when we normally have 500 or 600. Our lack of inventory forces buyers into competition with each other for the same homes. If you’re in a multiple-offer situation, what should you do? Today I want to share five tips to get your offer accepted:
1. Make sure your credit score is the best it can be. The better your score, the lower your interest rate will be. Talk to your local banker to see if they can recommend any changes to improve your credit.
2. Carefully review every loan product before selecting. Some banks even offer short-term loans, which can get you a better interest rate.
3. Consider making a bigger down payment. Many first-time buyers don’t realize that they may have to pay private mortgage insurance if they put down less than 20%. If you put down 20% or more, you might not have to pay for PMI.
4. Buy your points down. Speak to a banker about buying points, which can often get you a more favorable rate.
5. Watch your lock-in rates. Talk to your banker and real estate professional about when you should be locking in your rate. Some people have managed to lock in rates below 4%.
In the end, if you’re suffering from buyer’s fatigue, don’t give up. Now isn’t the time to go back to sitting on the fence. If you have questions or need assistance navigating today’s hot seller’s market as a buyer, give us a call or send us an email. We’d love to help you.