It is projected that federal interest rates will continue to rise, making home loans more expensive. This decreases your purchasing power and will limit your home options, so if you want to buy a new home, don’t wait. Now is the right time to buy a home. But the market is still competitive, so you will want the take the extra steps to strengthen your offer and get under contract.
Put in a strong offer at or above the listing price. Money talks. A bid must meet the sellers' expectations to be taken seriously in a competitive market.
Add an appraisal gap insurance clause in the contract. The listing agent will likely ask for this as many home estimates have been lower than market value due to slower winter season sales.
Do an inspection for health and safety items only. DO NOT SKIP A HOME INSPECTION, but limit it to health and safety issues that genuinely impact the value of your home, like radon gas detection, foundation issues, electrical hazards, and HVAC systems.
Be willing to accommodate the seller's needs. Ask the seller if they want a quick close or a rent-back agreement. This extra consideration goes a long way in the eyes of the seller.
By following these steps, you will set yourself apart from other buyers and have a greater chance to get under contract and move into that dream home.