Cheryl Fleming, GRI, ABR's Blog
As a first-time homebuyer, it is easy to feel plenty of optimism as you search for your dream residence. And if you find your ideal house, it may seem likely that a home seller will accept your offer on the residence right away.
However, it is important to remember that a home seller might reject a first-time homebuyer's proposal, regardless of whether this homebuyer submits a competitive offer. In this scenario, a homebuyer needs to know how to move forward and continue to pursue his or her perfect residence.
What should a first-time homebuyer do if a home seller rejects an offer on a home? Here are three tips that every first-time homebuyer needs to know.
1. Learn from the Experience
If a home seller rejects an offer on a house, there is no need to worry. In fact, a first-time homebuyer may be able to resubmit an offer and find out why a home seller rejected his or her initial offer.
For example, a first-time homebuyer may lack financing at the time that he or she submits an offer on a house. But if a homebuyer gets approved for a mortgage and returns with a new offer, he or she may be more likely than before to gain a home seller's approval.
On the other hand, a homebuyer should be ready to move forward with a home search if necessary. Thus, if a home offer is rejected, try not to get too emotional. Instead, a homebuyer should be prepared to reenter the housing market and start his or her search for the perfect home from stage one.
2. Don't Dwell on the Past
For a first-time homebuyer, it can be frustrating and annoying to conduct a home search, find the ideal home and receive a rejection after a proposal to buy the house is submitted. But there is no reason to dwell on the past for too long, as doing so may force a homebuyer to miss out on opportunities to pursue other residences.
Remember, the housing market often features dozens of outstanding houses to match all homebuyers' price ranges. This means if you receive a rejection on one home proposal, you can always restart a home search. And ultimately, a diligent homebuyer should have no trouble discovering a terrific residence, even if his or her initial offer on a residence is rejected.
3. Consult with a Real Estate Agent
A real estate agent is a housing market expert who understands what it takes to submit a competitive offer on a house. Therefore, he or she will help you prepare a fair offer on a home before you submit it.
If a home offer is rejected, a real estate agent can help you alleviate stress. This housing market professional may be able to explain why the offer was rejected and help you plan your next steps in the homebuying journey.
Don't worry if your first offer on a house is rejected – conversely, use these tips, and you can move one step closer to acquiring a stellar residence that matches or exceeds your expectations.
What should you expect after you make an offer on a residence? There are several steps that will take place between the time you submit an offer on a house to the date you finalize a purchase agreement, including:
1. Acceptance or Rejection of Your Initial Proposal
A home seller will have a short period of time to accept or reject your initial offer.
If a home seller accepts your proposal, you'll be able to move forward in the homebuying process. Conversely, if he or she rejects your offer, you may be forced to restart your home search.
On the other hand, a home seller may counter your offer as well. In this scenario, you likely will be given a set amount of time to accept or reject the counter-proposal. Or, you may be able to further negotiate with a home seller in the hopes of finding common ground.
The time between when you submit an offer on a home and receive a home seller's response to your proposal can be stressful. Fortunately, working with an experienced real estate agent ensures that you'll be able to stay up to date. This real estate professional will even help you put together a competitive offer on any home, ensuring that you can boost your chances of getting an instant "Yes" from a home seller.
2. Completion of a Home Inspection
Although a home seller has accepted your initial proposal, you'll still want to conduct a thorough home inspection to identify any major property issues.
For example, if a house has a faulty roof or defective hot water heater, an expert home inspector will be able to uncover such problems immediately. That way, you can learn about issues that may impact the long-term value of a home as part of an inspection.
If you find out about major issues with a home during a property inspection, you can rescind your initial offer and walk away from a house. Comparatively, if you still want to buy a home in spite of problems that were discover during an inspection, you can ask the home seller to complete home repairs or upgrades. You also may want to consider asking for a price reduction if major home repairs or upgrades are needed.
Ultimately, a home inspection will help you make an informed homebuying decision. After a home inspection, the ball is in your court, and you can choose to move forward with the purchase of a home, revise your initial offer or remove your proposal altogether.
3. Relocation to Your New Address
The final step of the home selling process involves closing on a home and relocating to your new address. At this point, all you'll need to do is pack up your belongings from your current location and move them to your new home.
Purchasing a home may seem impossible at times, but the homebuying process often gets easier as it progresses. Plus, homebuyers who collaborate with an experienced real estate agent can receive plenty of support as they navigate each stage of the homebuying journey.
Employing a real estate agent offers an ideal first step for those who want to buy the perfect residence, and for good reason.
With a real estate agent at your disposal, you'll be better equipped than other homebuyers to find a wonderful house at a price that matches your budget. Plus, your real estate agent will be able to help you navigate each stage of the homebuying process.
What should you expect after you hire a real estate agent? Here are three things that will happen:
1. You'll narrow your home search.
What are you looking for in the perfect house? Ultimately, you'll need to narrow your home search to ensure that you can discover your dream residence without delay.
Luckily, your real estate agent will allocate the necessary time and resources to help you narrow your home search. By doing so, you'll be able to move one step closer to finding a first-rate home that you can enjoy years to come.
2. You'll visit a wide range of high-quality houses.
Your real estate agent will set up home showings and keep you up to date about open houses in your area. That way, you can stay on top of the housing market, browse a broad array of top-notch residences and find one that suits you perfectly.
As you browse houses, don't forget to provide your real estate agent with questions. This will enable you to make a more informed decision about how to proceed following a home showing or open house.
Furthermore, your real estate agent wants feedback to guarantee that you can explore houses that correspond to your lifestyle and budget. And if you view a home that fails to meet your criteria, let your real estate agent know immediately. This will make it easier for your real estate agent to find houses that meet or exceed your expectations, and as a result, may help you accelerate the homebuying process.
3. You'll submit your first offer on a home.
If you've reviewed a variety of houses and find a residence that you would like to purchase, now is the perfect time to submit an offer.
Your real estate agent will offer recommendations to ensure that you can submit a competitive offer on a house. In addition, this real estate professional can provide details about how long a home has been available, if a home seller has lowered the price of a residence recently and other factors that may impact your initial proposal.
Submitting an offer on a house can be stressful, but you can always reach out to your real estate agent for support. Your real estate agent will keep you up to date about whether a home seller accepts, rejects or counters your offer. And if you receive a "Yes," your real estate agent can help you take the next step toward acquiring your dream home.
Before you begin a home search, hire a real estate agent – you'll be happy you did. A real estate agent can simplify the homebuying process and help you achieve your homeownership dreams.
For homebuyers, there may be nothing better than searching for a house in a buyer's market. Typically, a buyer's market is defined by several key characteristics, including:
1. Shortage of Homebuyers
In a seller's market, competition among homebuyers remains fierce. Therefore, a homebuyer may be forced to compete against several homebuyers to secure his or her dream home.
Comparatively, a buyer's market features a shortage of homebuyers, resulting in less competition for quality residences. As a homebuyer, this is ideal because it means that you may be able to improve your chances of securing a great house at a price that matches your budget.
If you're a homebuyer in a buyer's market, the ball is in your court. As such, you should take your time exploring the housing market and find a residence that suits your budget and lifestyle perfectly. By doing so, you likely will be able to secure your dream home without having to worry about the stress of competing against other homebuyers or exceeding your budget.
2. Abundance of Home Sellers
A buyer's market may be a tough time for home sellers. At this time, there may be many homes available, and home sellers might need to reduce the prices of their residences to stir up interest.
Meanwhile, an abundance of home sellers ensures there is a large supply of homes available. This may make it easier for a homebuyer to check out many terrific homes and find one at a below-average price.
Although a buyer's market presents many opportunities for homebuyers, it is important to avoid taking shortcuts. Instead, a homebuyer should devote ample time and resources to assess homes that meet his or her criteria and respond accordingly.
Furthermore, homebuyers should avoid the temptation to submit a lowball offer on a residence – even in a buyer's market. If you submit an offer that falls below a home seller's expectations, you may miss out on the chance to acquire your dream home altogether.
3. Steady Supply of Real Estate Agents
When it comes to shopping for a home in a buyer's market, working with a real estate agent is a great idea. A real estate agent can provide you with plenty of information about first-rate residences that you can enjoy for years to come. Plus, a real estate professional may be able to offer insights into a home that you may struggle to obtain elsewhere, making it simple for you to purchase a top-notch home at a bargain price.
Perhaps best of all, your real estate agent can offer recommendations throughout the homebuying journey. He or she also will be able to respond to any concerns or questions you have, ensuring you can remain calm, cool and collected as you transition from homebuyer to homeowner.
Employ a real estate agent to guide you along the homebuying journey in a buyer's or seller's market. With a real estate professional at your side, you can navigate the challenges of the real estate market and secure your dream house without delay.
For homebuyers, it is paramount to remain patient as you explore the real estate market. At the same time, it is important to understand that the real estate market moves quickly. Thus, if you wait too long to submit an offer on a house, you could miss out on your dream home.
Lucky for you, it is easy to prepare to buy a house in a fast-paced real estate market – here are three tips to ensure that you can do just that.
1. Make a Competitive Offer
If you find a house that you like, don't wait to submit an offer on it. Instead, submit a competitive offer from the get-go, and you may be able to secure your ideal home immediately.
An informed homebuyer is a smart shopper who understands what a "competitive" offer means for both a homebuyer and home seller. Ultimately, a homebuyer who assesses the condition of a property and the current state of the real estate market should have no trouble submitting a competitive proposal.
2. Track the Housing Market Closely
As a homebuyer, you'll want to stay up to date on new homes as they hit the real estate market. By doing so, you'll be better equipped than other homebuyers to check out these properties and find houses that match your budget and lifestyle perfectly.
New homes become available daily, so be sure to track properties online. Also, if you understand exactly what you want from a residence, you can narrow your search and improve your chances of finding a home that suits your needs.
3. Work with a Fast-Paced Real Estate Agent
When it comes to purchasing a house in a fast-paced real estate agent, there is no need to leave anything to chance. Fortunately, you can hire a real estate agent who can help you discover your dream home quickly and effortlessly.
A fast-paced real estate agent will go above and beyond the call of duty to assist you. As such, this real estate professional will set up home showings and keep you informed about new properties as they become available. Plus, your real estate agent is happy to negotiate with home sellers on your behalf and ensure that you can purchase your dream home at a price that matches your budget.
Perhaps best of all, even a fast-paced real estate agent will slow down the homebuying process as needed. If you ever have concerns or questions about buying a house, your real estate agent will respond to your queries without delay.
Hiring a trusted real estate agent can make a world of difference for homebuyers in a fast-paced housing market. In fact, with a top-notch real estate agent at your disposal, you can browse the housing market closely and accelerate the process of finding your dream house.
Although the real estate market may fluctuate constantly, homebuyers who plan ahead will be able to simplify the process of acquiring exceptional properties. And if you use the aforementioned homebuying tips to your advantage, you can boost your chances of obtaining your dream home in a fast-paced housing market.