The market in southern Maine is hot, with no signs of slowing down anytime soon. Interest rates are still low, keeping buyers in the game.
Real estate agents are seeing multiple offer situations. How does a buyer position themselves to be ahead in the marketplace? When Realtors speak of being ready, we speak of the importance of the prequal letter. It’s an informal letter saying you’re qualified financially to take out a loan to purchase said house.
Better yet, if you want to up the ante, give a preapproval letter. A preapproval letter is confirmation from your mortgage broker or bank that you’re able to borrow the money necessary to finance the home. This says to the seller, I am ready, I have the money to make this purchase, and I am able to make this offer. Though not required, it strengthens your offer, and hopefully gives you an advantage over other buyers.
It is heartbreaking to hear of potential buyers falling in love with a house, only to find that another stronger offer was accepted by a more prepared buyer. Be prepared and bring your highest and best offer. Currently, in Greater Portland, many houses are selling at or above their asking price.
Sellers realize that there are buyers aplenty, so they can be picky about what a buyer brings to the table. Here is where being prepared will make all the difference. If you have a house to sell first, consider selling it, or at least getting it under contract before placing an offer on the home you want to buy. Contingency offers are not strong in this market, putting you at a disadvantage.
Try to be very specific in your search for a home, so that when your dream house comes on the market, you don't hesitate. How do you do that? See a lot of houses, do your homework, get educated about what similar homes sold for, so that when you see a deal, you are poised to act.
Do yourself a favor and get an agent that works hard for you. In this market, when a well-priced house comes on the market, that fits what you are looking for, your agent should get you in to see the house as soon as humanly possible.
There you have it, all the tools for a successful house hunting adventure. Happy house hunting!
Amy Krikken, Rock Star Realtor, (singer in local 121 Band) loves helping people find the home they are looking for. If you have a house to sell, or are looking to buy, she will help you turn the page to the next chapter of your story. She works right here in Windham at Coldwell Banker Team Real Estate, and can be reached by emailing columnist@TheWindhamEagle.com.