Making a Home Offer as First-Time St. Louis Homebuyers
As first-time St. Louis homebuyers, you have dedicated plenty of time on planning and preparing for your new home. You’ve spent months researching online and driving through all of the St. Louis neighborhoods you are interested. After visiting countless open houses, sifting through an endless stream of listing data, you are now ready.
But when it finally comes down to making that first home offer, St. Louis home buyers can still feel a little nervous. To help, here are some things fist-time St. Louis homebuyers should keep in mind.
Research the St. Louis Market (and Sellers)
And we mean research. St. Louis homebuyers will not only want to know as much as possible about the local St. Louis market, but also as much about the sellers.
When it comes to researching the local market, St. Louis homebuyers will want to start with the comps. Pull up the last six months of sales data so you can have a feel for what the current market conditions are. Doing this work will also help St. Louis homebuyers to have an understanding of what a good price range looks like.
First-time St. Louis homebuyers will also want to look at the pending sales. It will have the most recent transactions made. How many offers had they received in the past?
In addition to the market, St. Louis homebuyers will want to learn about the seller and his/her history with buying and selling. How long has the house been on the market? Are there other offers on the table? You really need to know whom you are dealing with.
Gather this information and compare it with other homes’ sales data.
Work with Your Lender
St. Louis homebuyers will want to update your lender know before making an offer. You will need a pre-approval letter and an update on mortgage rates. Things could have changed from the time you applied for a pre-approval letter, so you will need to make sure your info is current and up to date.
Finalize the Terms
There will be details that St. Louis homebuyers will need to work out with the sellers. Information like the timeline for inspections or appraisal and loan contingency need to be figured out up front.
Be Confident
Do not let the fact that you are first-time St. Louis homebuyers prevent you from being confident. Level the playing field of experience with knowledge. By coming to the table with a strong knowledge of the local St. Louis market, a good number of homes will come to you.
When you see the different prices from the homes you’ve toured and open houses you’ve gone to, you will know what to do. Your confidence can go a long way in home buying.
As first-time St. Louis homebuyers, do not stress if you do not get the first house you place an offer on. You can learn from each offer you make in order to come stronger to the next opportunity.
The bottom line is that before making a home offer, St. Louis homebuyers should read the strategies above, and be ready to be welcomed into the home buying community!