There continues to be high demand for homes in Oconomowoc and surrounding area, making it a competitive market for buyers to purchase a home in the local community. Low mortgage rates and tight inventory has kept the pressure high for available homes for sale.
Here we’ll share some strategies, that can help get you into a new home.
METHOD #1: CAREFULLY CONSIDER YOUR FINANCING OPTIONS.
When sellers review the offers presented to them, one of the major considerations is how the buyer plans to fund the purchase. Eliminating a financing contingency all together is ideal, but paying all cash is not feasible for many buyers.
Conventional loans as opposed to FHA loans are typically preferred by sellers. The conditions and dynamics of federally funded FHA loans are very different, and normally have stricter guidelines and requirements than traditional loans.
METHOD #2: REACH OUT TO POTENTIAL SELLERS.
If you know a specific neighborhood or condo community you want to live in, but there are no listings for sale, sending a letter to potential sellers can lead to an opportunity.
We have helped buyers draft a letter, create a mailing list of homeowners in their desired community, and mail it out. Sometimes there are residents that have been considering putting their home up for sale and a real estate match can be made.
METHOD #3: OMIT THE HOME SALE CONTINGENCY
Omitting a home sale contingency will make your offer more attractive to the seller. If you’re looking to move but also have a home to sell, please don’t hesitate to reach out to us to discuss. One of our knowledgeable realtors can offer you advice on how to navigate the transition best, and to help you weigh your options.
METHOD #4: DRAW ON RELATIONSHIPS
Hiring a local real estate agent, in the community you want to purchase a home has its advantages. Not only will they have a better understanding of the area, but they also network with contacts and other agents in the community constantly. This can help them get a feel for homes that may be coming on the market soon.
A professional who has established positive working relationships with other local realtors can help get offers to the finish line. They can call the listing agent prior to submitting an offer, to learn about things important to the seller. Doing so can help you tailor an offer to be more appealing. Furthermore, they can communicate to the seller’s agents that they will help safeguard a smooth transaction.
METHOD #5: LOOK FOR “DIAMOND IN THE ROUGH” HOMES
When house hunting online, be more open minded about potential houses. Doing so can help you uncover a wonderful home. Sometimes bad listing photos or outdated cosmetic features can cause a property to be ignored. If you like the location and it meets your requirements, seeing it in person can reveal its true character and potential.
METHOD #6: WRITE A PERSONALIZED LETTER
When submitting an offer to purchase, also include a personalized letter to the seller. Writing a letter is your opportunity to introduce yourself and your family, explain why you love their home, and to make a connection with the seller. You can also highlight favorable terms such as your flexibility on the closing date. Bonus points for including a photo of you and your family (especially if you have a cute kid or pet).
If you’re ready to purchase your first or next home, we can help. Contact us to consult with one of our professional agents that can educate you on the local market conditions, and help you develop a game plan to successfully purchase a new home.
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