The Southwest cities of the Twin Cities Metro are considered some of the most desirable places to live, not just in Minnesota but in the United States. If you’re moving to the area, buying a home can be a very competitive process, especially since the Southwest Twin Cities Metro is a seller’s market. It can be frustrating to put an offer on house after house, only to have another buyer outbid you.
If you want to increase the chances of your home offer being accepted, there are a few things that you can do. To learn a few great tips for having your offer accepted on a home in the Southwest Twin Cities, just keep reading.
4 Tips for Getting Your Offer Accepted
- Offer More Than They Asked For – With home sellers in control of the housing market in the Southwest Twin Cities Metro, don’t expect to have any luck by lowballing. In fact, even offering the exact amount a seller is asking for might not be enough. If you fall in love with a house, don’t be afraid to make an offer above the asking price. It doesn’t have to be a huge amount over; just an extra couple thousand dollars will probably be enough to catch the homeowner’s attention and put you ahead of the competition.
- Increase Your Down Payment – A down payment of 20% of the home’s total value seems to be the standard in the U.S., and is the amount which keeps buyers from having to pay private mortgage insurance to lenders. A larger down payment can also appeal to a seller in the Southwest Twin Cities, since it shows them that you’re invested in buying their house and you have the capital to back up your commitment. Even if you offer to pay 25% upfront, this will probably put you ahead of rival buyers.
- Make a Cash Offer – If you’re looking for an easy way to woo sellers, try paying in cash. Make a cash offer on a home in the Southwest metro and the seller might even be grateful enough to shave a few thousand off the asking price! As long as you can put together the funds to pay for a home in cash, you’ll simplify the process for both parties involved by quickening the closing process, and that’s something sellers will appreciate.
- Get Pre-Approved – You’ll probably need a mortgage loan in order to purchase a house and, if that’s the case, you should start checking into your options long before you make an offer on a house in the Southwest Twin Cities Metro. You would be wise to receive a mortgage pre-approval letter from a lender that you can show to the seller. Getting pre-approved guarantees that you’ll be able to take out the loan you need to buy the house, reassuring the seller that you aren’t wasting their time.
A Real Estate Group You Can Trust in the Southwest Twin Cities
When you decide to place an offer on a home, the best thing you can do is consult a trusted realtor for advice. Connect with the Nydahl Group today so that we can help you buy the perfect home in the Southwest Twin Cities Metro!
