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Home buying tips - When to offer more money than what a home is worth and when to hold back

Posted by Kent Redding

By The Kent Redding Group

AUSTIN, TX. - Should you offer more money than what an Austin Texas home is really worth? The answer to this question depends of course on things like the home, location, timing of the Real Estate market, and how many offers the home has already received.

Sadly, many people overbid on homes every year when they should have waited and held back. Thankfully, the key to success with submitting a competitive offer and buying the home that you really want all boils down to using wisdom and following these tips.

Tip 1 - Make Sure You Can Really Afford It 

If you plan on financing a home, instead of paying cash, make sure that you can really afford the higher mortgage payment because getting caught up in the heat of the moment could strain your budget for the next 15 to 30 years.

Tip 2 - Verify That There Are Indeed Other Offers On The Home

Even though you may think that you need to offer X over the sellers asking price you should first verify that there are indeed other offers on the home to begin with because it's very easy for some buyers to think that they are dealing with competition when there is none at all.

Tip 3 - Get Pre-Approved And Have Your Lender On Speed Dial If Needed

Last of all, but most important, even though you may be tempted to offer more money than an Austin Texas home is really worth it's important for you to know that some sellers just want to receive offers from the most qualified buyers so you should first get pre-approved for a mortgage loan and be able to back up your offer because there may be other buyers out there who submit offers and not be able to back them up because they never were pre-approved for a mortgage loan.

Search For Homes In Austin Texas

To get started with searching for homes in Austin Texas contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online. 

The Kent Redding Group

#1 Berkshire Team in Texas

512-306-1001| www.CallKent.com 

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