Should You Submit an Offer to Purchase a House?

by Carol McCullough Relocation Certified 04/21/2019

Deciding whether to submit an offer to purchase a house may prove to be difficult. Fortunately, we're here to help you weigh the pros and cons of submitting a homebuying proposal so you can make the best-possible decision.

Now, let's take a look at three tips to help you determine whether now is the right time to submit an offer to purchase a residence.

1. Evaluate Your Budget

If you believe you've found your dream home, you should take a look at your budget. That way, you can verify whether you'll be able to afford this residence both now and in the future.

Oftentimes, it helps to get pre-approved for a mortgage before you start a house search. If you meet with banks and credit unions, you can learn about all of the mortgage options at your disposal. Then, you can select a mortgage that allows you to pursue a house with a budget in hand.

2. Consider Your Homebuying Criteria

You want to discover your dream residence as quickly as possible, but it is paramount to find a house that you can enjoy for years to come. If you have a list of homebuying criteria, you may be able to quickly determine whether a residence is right for you.

As you craft homebuying criteria, think about what you want to find in your dream residence. For instance, if you've always wanted to own a house on a beach, you can narrow your home search accordingly. On the other hand, if you would like to own a home that has an above-ground swimming pool but can live without this feature if necessary, you should include an above-ground swimming pool as a low-priority item on your homebuying checklist.

3. Assess the Housing Market

The housing market often fluctuates, and a buyer's market today may shift into seller's favor tomorrow. If you analyze the housing market closely, you can differentiate a buyer's market from a seller's one. You then can decide whether to submit an offer to purchase or hold off on providing a homebuying proposal until housing market conditions improve.

To distinguish a buyer's market from a seller's market, it generally is a good idea to look at the prices of recently sold houses in your city or town. You also should find out how long these residences were available before they sold. By reviewing this housing market data, you can assess the demand for houses in your city or town.

Lastly, as you debate whether to submit an offer to purchase a residence, you may want to consult with a real estate agent. This housing market professional is happy to provide honest, unbiased homebuying recommendations. As a result, a real estate agent can help you perform an in-depth evaluation of a home and determine whether to offer to buy this house.

Make an informed decision about whether to submit an offer to purchase a residence – use the aforementioned tips, and you'll be better equipped than ever before to decide how to proceed with any house, at any time.

About the Author
Author

Carol McCullough Relocation Certified

As a Fairfield resident with a family commuting daily on Metro North, and our children graduating from Fairfield public schools, I look forward to sharing many of the great attractions in a wonderful community and county! Over the past 18 years with Berkshire Hathaway Home Services New England Properties, I have helped hundreds of buyers and sellers compete their home search and close on the sale of their property. As a Certified Relocation Specialist, my production results rank in the top 4% nationally while delivering exceptional customer service to my clients and their welcomed referrals. Real Estate is one of the most exciting investments you can make. It should be a fun and rewarding experience. Confident with your home marketing decisions and comfortable with the home marketing process is my commitment to you! I am excited to share several new marketing strategies successfully implemented in Southern Fairfield County! Regardless if you are looking to buy, or about to list your current home, you will soon BE AT HOME when working with Carol! *Connecticut Magazine 2022 Award Winner- 12th consecutive year scoring highest in overall customer satisfaction.