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Should You Wait to Make an Offer on a New Listing?

While buying a home is a major decision, you may miss out if you wait too long to make an offer.  If you have gotten your mortgage preapproval letter, researched the neighborhood and market, and find a home that you like, it’s best to make an offer as quickly as possible.

If a house has just been put on the market, the seller may be more cautious.  If an offer comes in too quickly, the seller may think that he priced the home too low.  Real estate agents have a different approach and think that the first offer is the best offer.  As it is beneficial for the agent to sell the home as quickly as possible at the highest price, the agent can reassure the seller that the quick bid was a result of the potential buyer seeing great value in the home.

Do your research on the area beforehand.  After knowing what similar homes in the area are selling for, make a fair proposal.  Also make yourself appealing to the seller.  Having good financials and the ability to put 20% down will help you stand out to the seller.

Also be aware that placing an early bid will most likely not get you a bargain because sellers just getting into the market will be willing to wait longer for a higher bid.  However, waiting won’t necessarily get you a bargain either because in fast moving markets, homes can sell in less than a week.  The only time it really makes sense to wait to place a bid is if you are unprepared, haven’t done your research, and don’t have a mortgage preapproval letter. 

 

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