If you are just getting started in your search for a home in the Pasadena area, you might be wondering if you have missed out on the best time to be shopping for a new home. This is a relatively common question among home buyers as they tend not to have any idea of just how competitive the housing market can be until they actually start making offers. It is not uncommon, even in today’s market, for bidding wars to occur, especially on homes that are priced to sell.
Even though there has been a downturn in the market over the last decade, homes in Pasadena are still selling for high prices and are among the leaders in the U.S. housing sales recovery. This is both good and bad news for buyers in that the market has become more stable, but at the same time prices are no longer at rock bottom clearance levels but have in fact begun to make a healthy recovery.
While a good stable market is ideal for sellers in the Pasadena area, it does mean that buyers who want their offers to stand out from the crowd are going to have to work just that little bit harder. With this in mind, here are 5 great ways to make your next home offer shine:
1. A Cover Letter
This is something you should work with your realtor on. You should use the cover letter to tell the seller what you have to offer and what you are willing to do to seal the deal.
2. Cash is King
In the real estate business, cash will always be king. This means you should be ready to prove you have the money readily available with a “proof of funds” letter. Even if you are financing your next home, having proof of a pre-approved mortgage may help make your bid stand out.
3. The Need for Speed
You should be ready to close the sale as quickly as possible. This lets the seller know you are ready to move forward and that he won’t have to wait for his money.
4. Timely Inspections
Work with the realtor and the seller to ensure all necessary inspections on both sides of the deal are completed in a timely fashion.
5. Simple Contracts Win the Game
You need to keep your contract as simple as possible with a minimal number of “buyer contingencies”, these are the clauses in the contract that allow you to back out of the sale.
Two Extra Tips Just for You
- Always start out with your best offer as this is a good way of letting the seller know you truly want the property. This could mean the seller gets full list price or close to it for his home, but it may just ensure you are the one who ends up with the keys.
- Be sure you have all of your financing taken care of up front and use a reputable bank or mortgage company. You should also be sure to have the full 20% of the sale price ready to go for your down payment.
By following these simple tips and being sure you are well-prepared before you set out to find your new dream home, you give yourself the best possible chance of success. Be sure to talk to your realtor for more helpful tips and help.