If you’ve dabbled in the South of Boston real estate market, then you know, the housing market is very strong right now.  There are so few houses for sale in the area coupled with the historically low mortgage rates, homes are selling fast, over asking price and with multiple offers.  It’s the perfect storm for a bidding war. 

The market has even more buyers today than it did 6 months ago, creating fierce competition for the few homes that are listed for sale.  It’s important if you’re in the market for a home that you give Chris Falco at Chris Falco Realty a call today to help you get started with the process. 

If you find yourself in a bidding war, there are 3 things that you can do help make your offer more appealing to the sellers.

1. Come Prepared

The first thing Chris will recommend is getting pre-approved so you can begin your home search. Buyers who are prepared with pre-approval letters in hand are a step ahead of the pack when it comes time to make an offer on your dream home.  Whether you’re hoping to buy a home in a South Shore neighborhood like Weymouth or Hanover, showing the seller that you’re a qualified buyer by having a pre-approval letter in hand is key.  If you’re a qualified buyer, you are tipping the scales in your direction and starting out your home search in the best possible situation.

2. Highest and Best

As a seller’s agent, Chris Falco has had to ask Buyer’s agents for their “highest and best” offer.  In a highly competitive market, like we’re in now, it’s not uncommon for seller’s agents to recommend to a buyer’s agent to bring the “highest and best” offer by a deadline. This way the sellers can pick a day and time to review all offers at once, saving the headache and stress of back and forth negotiations.  While this may be in the seller’s best interest, it can certainly cause buyers some stress. 

To be positioned well in a “highest and best” scenario, it’s important to remember to stay within your means.  If you can only afford a mortgage of $210k, don’t over $240k just to get the home.  It’s also important to remember that the house MUST also be appraised and the value must come in at/under the amount of the loan. Otherwise you may have to come up with some cash in order to close.  You definitely want to consult a real estate professional to help make sure your offer is fair, competitive and within your means.

3. Don’t wait

In a fast-paced market like we’re experiencing today, most homes are selling within 48 hrs of being put on the market.  There is no time to waste.  If you walk through the home, and it fulfills your wishlist, then you must not wait to make a decision to put in an offer.  This is not the time to sleep on the decision.  Christopher Falco at Chris Falco Realty understands that choosing to buy a home in South of Boston is a big decision.  He will be able to make recommendations about the housing market, neighborhoods, and homes listed for sale.  You may not have time to shop around after you’ve found a house that you love.  Odds are, someone else will also love it.  If you take too long to make a decision to write an offer, it could be too late. 

Trust your real estate area expert, Chris Falco, and don’t wait.

Bottom Line

With the homes quickly going under contract, the available housing inventory is low.  If you’re planning to purchase a home in South of Boston, give Chris Falco a call and let him help you find your dream home today!

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Check out our latest Blogs:  Should I Sell My Home?  & COVID Impact on the Real Estate Market in the South of Boston