How to Be Prepared for Viewing & Bidding on Properties in a Hot Market
by Greg Dewar
on Tuesday, June 6th, 2017 at 9:00am.
If you are starting to look for a new home to buy in the Cambridge area, it is important that you seek professional real estate advice and representation from a skilled agent. Cambridge real estate is in unprecedented demand, and many listings are only on the market for a few days. In addition, some properties receive multiple offers, and a bidding war ensues. At Dewar Realty, we can help you to get a great deal on a property that is right for you. There are several strategies that may be used to buy a house in the current market.
A Competitive Price Offer
In some real estate markets, it is reasonable for a buyer to make an offer below the asking price. However, because Cambridge real estate is in such high demand, this is usually not the case here. Your real estate agent can analyze the market and asking price to help you determine a competitive price that may be at or even above the asking price in some situations.
A Larger Earnest Money Deposit
If there is a possibility that multiple offers may be received on a house, making a larger earnest money deposit can be attractive to a seller. This is a sign that you are more serious about getting the house, and it essentially tells the buyer that you are willing to put more money on the line.
A Loan Pre-Approval Letter
Before you start looking at homes for sale, it is wise to get pre-qualified for your mortgage. This process usually takes a day or less to complete. A pre-approval letter tells a buyer that you have the financial means to follow through on the offer.
Sellers can be put off by a buyer’s special requests. These may be making repairs, asking for an allowance, and more. While some markets may allow room for these types of negotiations, the local market in Cambridge currently is not ideal for special requests.
As soon as you find a home that you want to make an offer on, your real estate agent at Dewar Realty can help you to structure a competitive offer. You should, however, be prepared for the possibility that you may have to make several offers on different houses before an offer is accepted.