5 Tips to Make a Competitive Offer

5 Tips for Homebuyers Who Want to Make a Competitive Offer

5 Tips for Homebuyers Who Want to Make a Competitive Offer | MyKCM

Today’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a confident and competitive offer. Here are five keys to success for this important stage in the homebuying process.

1. Listen to Your Real Estate Agent

A recent article from Freddie Mac offers guidance on making an offer on a home in today’s market. Right off the bat, it points out how emotional this can be for buyers and why trusted professionals can help you stay focused on the most important things:

“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

Your real estate professional should be your primary source for answers to the questions you have when you’re ready to make an offer.

2. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to reach out to your lender to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. It shows sellers you’re a serious, qualified buyer and can give you a competitive edge if you enter a bidding war.

3. Be Ready to Move Quickly

According to the Realtors Confidence Index, published monthly by the National Association of Realtors (NAR), the average property being sold today is receiving more than three offers and is only on the market for a few weeks. These are both results of today’s competitive market, showing how important it is to stay agile and vigilant in your search. As soon as you find the right home for your needs, be prepared to work with your agent to submit an offer as quickly as possible.

4. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t submit an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:

“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”

5. Be a Flexible Negotiator

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. Your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). There are, however, certain contingencies you don’t want to forego. Freddie Mac explains:

Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home, and I’d love to work with you on making sure your offers rise to the top along the way.

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.Shortcode

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 

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Serving clients throughout Massachusetts, Rhode Island, and Cape Cod & the Islands.

Boston – Attleboro – Providence – Cape Cod and the Communities in between.

Homes are More Affordable Right Now than they have been in Years.

Homes Are More Affordable Right Now
Than They Have Been in Years

Homes Are More Affordable Right Now Than They Have Been in Years | MyKCM

Today, home prices are appreciating. When we hear prices are going up, it’s normal to think a home will cost more as the trend continues. The way the housing market is positioned today, however, low mortgage rates are actually making homes more affordable, even as prices rise. Here’s why.

According to the Mortgage Monitor Report from Black Knight:

“While home prices have risen for 97 consecutive months, July’s record-low mortgage rates have made purchasing the average-priced home the most affordable it’s been since 2016.

How is that possible?

Black Knight continues to explain:

“As of mid-July, it required 19.8% of the median monthly income to make the mortgage payment on the average-priced home purchase, assuming a 20% down payment and a 30-year mortgage. That was more than 5% below the average of 25% from 1995-2003.

This means it currently requires a $1,071 monthly payment to purchase the average-priced home, which is down 6% from the same time last year, despite the average home increasing in value by more than $12,000 during that same time period.

In fact, buying power is now up 10% year-over-year, meaning the average home buyer can afford nearly $32,000 more home than they could at the same time last year, while keeping their monthly payment the same.”

This is great news for the many buyers who were unable to purchase last year, or earlier in the spring due to the slowdown from the pandemic. By waiting a little longer, they can now afford 10% more home than they could have a year ago while keeping their monthly mortgage payment unchanged.

With mortgage rates hitting all-time lows eight times this year, it’s now less expensive to borrow money, making homes significantly more affordable over the lifetime of your loan. Mark Fleming, Chief Economist at First American, shares what low mortgage rates mean for affordability:

“In July, house-buying power got a big boost as the 30-year, fixed mortgage rate made history by moving below three percent. That drop in the mortgage rate from 3.23 percent in May to 2.98 percent in July increased house-buying power by nearly $15,000.”

The map below shows the last time homes were this affordable by state:Homes Are More Affordable Right Now Than They Have Been in Years | MyKCMIn six states – Arkansas, Iowa, Kentucky, Louisiana, Maryland, and West Virginia – homes have not been this affordable in more than 25 years.

Bottom Line

If you’re thinking of making a move, now is a great time to take advantage of the affordability that comes with such low mortgage rates. Whether you’re thinking of purchasing your first home or moving into a new one and securing a significantly lower mortgage rate than you may have on your current house, let’s connect today to determine your next steps in the process.

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jen McMorran, Realtor Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
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Serving clients throughout Massachusetts & Rhode Island & Cape Cod. Boston – Attleboro – Providence and the communities all around.

Home Buyers Guide Spring 2020

Despite so many uncertainties as we learn to live with Covid-19, there oddly hasn’t been a better time to buy a home in recent history with mortgage interest rates hovering at all time lows. For a Home Buying Guide packed with information, please click below then give me a call or send me a message and let’s set up time to connect and get you started on right path to homeownership.

As a committed full-time real estate agent, I have helped hundreds of buyers and sellers… it would be a pleasure to help you too.

Whether you have tons of questions or don’t even know the questions to ask, I am ready to work with you through the entire process.


It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts and Rhode Island.  Please let me know what questions you may have and how I can be of the best assistance to you.

SUBMIT

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Associate
New Homes Team
Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor

real people. real estate. 

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Serving clients throughout
Massachusetts & Rhode Island.
Boston – Attleboro – Providence
and the communities in between.

Mortgage Interest Rates at Five Decade Low!

What you do today can improve all your tomorrows.      –Ralph Marston

With mortgage interest rates hovering at near historic lows, now is a great time to look back at where rates have been to truly appreciate where rates are now.

Mortgage rates are now averaging around 3.5%  – they are hovering near a five decade low.  That is right – a five decade low.   And buyers are ready to take advantage of that with mortgage applications up 15% over a year ago.   This is shaping up to be an early and strong spring real estate market in Massachusetts and Rhode Island with mild weather continuing and eager buyers ready to find their next home sooner than later. Interest rates over time

Give a call 508-930-5259 or send an e-mail jen.mcmorran@gmail.com  if you’d like to discuss how now might be the time for you to start your home search.  My team is ready to support and guide you every step of the way from getting pre-approved for your mortgage, finding a home, negotiating an offer, securing a qualified home inspector, and hiring an attorney to review your contracts and coordinate your closings.

Without a doubt, capitalizing on current mortgage interest rates to purchase a home today will absolutely pay off for you as a homeowner tomorrow.  The impact your interest rate has on your monthly mortgage payment can be significant.  Let’s see how we can make current real estate and mortgage market conditions work for you!

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts and Rhode Island.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Associate
New Homes Team
Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor

real people. real estate. 

Best 5 Icon LogoServing clients throughout
Massachusetts & Rhode Island.
Boston – Attleboro – Providence
and the communities in between.

You can own a home!!

Are you wondering if buying a home is a possibility for you?

Do you dream of personalizing a home to your own tastes and lifestyle?

Are you tired of paying your landlord’s mortgage and being limited their rules?

Being a first time home buyer is very exciting – and a little bit scary for some :), but I have an awesome team of experienced professionals who can help get you ready and guide you through the entire process.   I am just a call, an e-mail, or a click away to start your home search so let’s find time to chat about your needs, your wants, and your budget.  In the meantime, here are 3 Tips for Making Your Dream of Homeownership come true…Making Your Dream of Homeownership a Reality

First Time Home Buyers are one of my specialties and I have many satisfied “first timers” who made it through the process.  Happy to make a connection if you’d like to talk with someone who has recently been through a complete transaction from searching on-line to getting their keys at the closing table.  And as they will all attest to, I have lots of stories to share from my vast experience in real estate over the past 20+ years 🙂  Every deal seems to have its own nuances these days, but be assured, I have a solid reputation in the real estate industry, I always have an eye on the big picture while working through the little details, and I am committed to the goals of my buyers and sellers.

 Always happy to be of any assistance to you or anyone you know who is thinking about buying or selling a home. I love to work hard for my clients and your referrals throughout Massachusetts and Rhode Island.

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Associate
Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor

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Massachusetts & Rhode Island.
Boston – Attleboro – Providence
and the communities in between.

Let’s Get You Home

 

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GETTING YOU HOME!
Jen McMorran, Realtor, SRES
508-930-5259
jen.mcmorran@gmail.com
Kensington Real Estate Brokerage
http://www.BeHomeBeWell.com

7 Musket

You thought finding the right real estate agent,  getting pre-approved by a mortgage officer, searching through listings, riding through neighborhoods, and touring houses to find the right home was the hard part?   That’s just the beginning, but a beginning to what should be a happy ending.  Buying (and selling a home) is process.  See below for a general guide to  keep that process moving along…

Making an Offer:
1. Find a great home
2. Determine offer price
3. Determine amount you will be financing
4. Determine a closing date
5. Jen will complete the offer form for you to review and sign
6. Deposit check to listing office to bind the offer (typically $1000, it does get deposited!)
7. Pre-Approval Letter from your bank or mortgage company
8. MA Agency Disclosure Form signed at first meeting
9. A personal note to the sellers is nice touch depending on situation
Jen sends it all to the listing agent.

Negotiate.

Agree on price and terms

Sign revised contract and check gets dropped off to listing agent to deposit

Contact attorney and home inspector

Home Inspection.
*Looking for major mechanical, structural, safety, and health issues.
1. Jen can recommend trusted home inspectors or check with friends, family, co-workers
2. Must take place typically within 10 days of signed offer.
3. Attending as a buyer is important to learning how the house “works”
and hearing what deficiencies may exist and what to do about them.
4. Negotiate any issues.
Sellers can make repairs, seller can give a credit, or seller can do nothing.

Purchase and Sale Agreement (P&S)
Overriding contract to the offer in the sale of the home
Worked on and agreed upon by both the buyers’ and seller’s attorney
Make additional P&S deposit – bank check to listing company

Appraisal.
Ordered by your mortgage company.  Paid for by you.

Completing Mortgage File.
Submit anything & everything your mortgage company asks for,
when they ask for it,
and no matter how many times they ask for it 

Mortgage Commitment.
Your loan along with the property you are purchasing have been approved by the bank
You likely will still have a few conditions on your to-do list – make sure “to do” them

Clear to Close from mortgage company (nothing left on your mortgage to-do list)
Closing Disclosure issued and three days later… Closing!!

Then guess what? You’re Home!

Always a pleasure to be of any assistance to you or anyone you know who is thinking about buying or selling a home. I love to work hard for my clients and your referrals throughout Massachusetts and Rhode Island.

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Assocate
Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor

real estate for real people.

Best 5 Icon LogoServing clients throughout
Massachusetts & Rhode Island.
Boston – Attleboro – Providence
and the communities in between.