Last week we were hosting an open house at one of our amazing listings in Frisco, TX. This home is a show stopper — impeccably maintained and located in one of the most coveted school districts (Frisco ISD) in North Texas.
We had over 15 interested parties visit our open house on day one and 10 interested parties on day two. This is an excellent display of the current demand in the Frisco market for homes under $600k. We had a couple of parties inquire about offers with many common questions/comments:
- What do you have to have in your offer to win in this market?
- Clearly, there is a lot of demand in the Frisco market and we are at an impasse. We need some direction.
- How is the market? Are prices staying steady/rising? I heard they may drop.
- Interest rates are up — people are waiting. Should we wait?
We understand, that purchasing a home in this market can be challenging, maybe a bit scary, and just a bit exhausting. However, with the right real estate team on your side buying your dream home can become a reality.
Finding your dream home:
- Find a great real estate agent.
- Get pre-approved how much can you afford? (Mortgage Calculator)
- Complete a home search needs criteria: Where would you like to live, what schools do you prefer, what are your home specifications, any additional must/nice to haves?
- Your Realtor® will set up a home search — there may be many homes at first. This is normal — this helps you and your Realtor® understand and refine your home search parameters and likes/dislikes.
- Tour, tour, tour.
Once you find that home that makes you say “this is it” it is time to write an offer. Here are some key factors to writing and submitting a winning offer (it is not all about price — however, this does help).
- Come in with a strong price. Depending on time on market, market demand, and home features/upgrades your Realtor® can help you determine a strong and competitive offer price.
- Earnest Money: It is recommended at least 1% of the purchase price or more.
- Option Money: The amount you offer demonstrates your commitment. (amount will vary — your Realtor® can assist you).
- Option period: The shorter the better.
- Appraisal: It may be advantageous to waive your appraisal/or submit a partial waiver in a highly competitive situation.
- Title Insurance: Offering to pay the Seller’s title insurance policy may put you at an advantage.
- Closing Date: Sooner the better.
There are several other factors that may come into play when submitting your offer (lease backs, non-realty items, etc…). Having a great Realtor® representing you is key and they can help you navigate this challenging and competitive market.
If you are seeking a Realtor® that will help you achieve the dream of homeownership, contact us today. Let’s start searching for your dream home.