Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 3/21/2021

If you find your dream house, there is no need to leave anything to chance. But if you submit a "lowball" homebuying proposal, you risk missing out on the opportunity to acquire your ideal residence.

Putting together a competitive offer to purchase can be easy. Now, let's take a look at three tips to help you craft an aggressive homebuying proposal.

1. Study the Housing Market

The housing market fluctuates constantly. If the real estate market favors buyers today, it may shift into sellers' favor tomorrow, or vice-versa. As such, you should study the housing market, determine whether it favors buyers or sellers and craft a homebuying proposal accordingly.

Oftentimes, it helps to look at the prices of recently sold houses in your area, as well as how long these homes were listed before they sold. With this housing market data in hand, you may be better equipped than ever before to differentiate a buyer's market from a seller's market. And as a result, you can boost the likelihood of submitting a competitive homebuying proposal.

2. Know Your Budget

If you know how much you can spend on a house, you can minimize the risk of submitting an offer to purchase that stretches beyond your financial limits.

To establish a homebuying budget, it generally is a good idea to get pre-approved for a mortgage. Banks and credit unions can teach you everything you need to know about different mortgage options and help you select the right mortgage. Plus, if you have any questions as you evaluate your mortgage options, banks and credit unions are happy to respond to your home financing queries.

3. Collaborate with a Real Estate Agent

If you hire a real estate agent, you can submit a competitive offer to purchase on any house. In fact, a real estate agent can offer in-depth housing market insights to help you put together an aggressive homebuying proposal that may receive an instant "Yes" from a seller.

A real estate agent is a homebuying expert who understands what it takes to purchase a home in any housing market. He or she first will meet with you, learn about you and your homebuying goals and create a personalized property buying strategy. Next, a real estate agent will help you pursue houses in your preferred cities and towns until you find one that matches your expectations. And after you discover your ideal residence, a real estate agent will make it simple for you to submit an offer to purchase that fulfills the needs of all parties involved.

Of course, if your offer to purchase your dream home is accepted, a real estate agent will guide you through the final steps of the homebuying process. Or, if your homebuying proposal is rejected, a real estate agent will help you reenter the housing market.

Avoid the danger of submitting a lowball offer to purchase your dream house Ė use the aforementioned tips, and you can craft a competitive homebuying proposal and move one step closer to acquiring your ideal home.





Posted by Thomas Murphy on 12/27/2020

Buying is home is a lengthy and, at times, stressful process. So, it can be discouraging when your offer is rejected.

If youíve recently had a purchase offer rejected by the homeowner, donít worry--you have options.

In this post, weíre going to cover some of those options so you can start focusing on your next move and potentially even make a second offer that gets accepted.

1.  Reassess your offer, not the seller

You could spend days guessing the reasons the seller might not have accepted your offer if they didnít give you a straightforward answer.


However, your time is better spent addressing your own offer. Double check the following things:

  • Is your offer significantly lower than the asking price?

  • If so, is it lower than comparable sale prices for homes in the neighborhood?

  • Does your offer contain more than the usual contingencies?

Once youíve reassessed, you can determine if a second offer is appropriate for your situation, or if youíre ready to move onto other prospects with the knowledge youíve gained from this experience in hand.

2. Formulate your second offer

So, youíve decided to make another attempt at the house. Now is the time to discuss details with your spouse and real estate agent.

Out of respect for the sellerís time and their timeline for selling the home, you should treat your second offer as your last.

So, make sure youíre putting your best offer forward. This can mean removing those contingencies mentioned earlier or increasing the amount. However, be realistic about your budget and donít waive contingencies that are necessary (commonly appraisals, inspection, and financing contingencies).

3. Consider including a personal offer letter

In todayís competitive market, many sellers are fielding multiple offers on their home. To set yourself apart from the competitors and to help the seller get to know your goals and reasoning better, a personal letter is often a great tool.

Donít be afraid to give details in your offer letter. Explain what excites you about the house, why it is ideal for your family, and what your plans are for living there.

What shouldnít you include in your offer letter? Avoid statements that try to evoke pity or guilt from the seller. This seldom works and will put-off most buyers to your offer.

4. Moving on is good time management

If you arenít comfortable increasing your offer or if you receive a second rejection, itís typically a good idea to move onto other prospects. It may seem like wasted time--however, just like a job interview that didnít go as planned, itís an excellent learning experience.

Youíll walk away knowing more about the negotiation process, dealing with sellers and agents, and you might even find a home thatís better than the first one in the process!




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Posted by Thomas Murphy on 11/15/2020

You don't need to be a home selling expert to counter a buyer's offer to purchase your house. In fact, sellers who know what factors to consider as they evaluate a homebuying proposal may be better equipped than others to submit a successful counter-offer.

Now, let's take a look at three factors a seller should consider before countering a buyer's offer to purchase his or her home.

1. Your Home Selling Goals

If an initial offer to purchase your home falls shy of your property selling expectations, there is no need to stress. By countering this proposal, you and a buyer may be able to find common ground. And as a result, both parties may be able to come to an agreement on a house sale.

Analyze your home selling goals closely. And if you find a buyer's offer to purchase comes close to helping you achieve your goals, you may want to submit a counter-proposal.

2. Your Home's Condition

The condition of your home may have far-flung effects on your house selling experience. If your home is in need of assorted upgrades, a buyer may be more inclined than ever before to account for these repairs in his or her offer to purchase. Meanwhile, as a home seller, you need to consider your residence's condition as you assess an offer to purchase and proceed accordingly.

If you feel a buyer's initial offer to purchase your home is low based on your residence's condition, you may want to counter the proposal. However, if you account for the costs of potential home repairs in your counter-proposal, you may be able to come to terms with a buyer on a home selling agreement.

3. Your Home's Price

Although you may have allocated significant time and resources to price your home appropriately based on the current real estate market's conditions, you may receive an offer to purchase that falls short of your expectations. Fortunately, if you submit a counter-proposal, you can make it clear about what price you are willing to accept for your residence. And if you provide a counter-offer to an initial homebuying proposal, you can show a buyer exactly how much he or she will need to pay to purchase your house.

As you analyze an offer to purchase your home, keep in mind that you can always collaborate with a real estate agent too. If you work with a real estate agent, you may be able to gain the insights you need to make an informed property selling decision.

Typically, a real estate agent can help you weigh the pros and cons of accepting, rejecting or countering an offer to purchase your house. If you are looking for in-depth home selling recommendations and suggestions, a real estate agent is happy to provide them to you at your convenience.

Assess an offer to purchase your home carefully Ė you'll be glad you did. If you feel you may be able to reach an agreement with a buyer, you may want to counter his or her homebuying proposal.





Posted by Thomas Murphy on 4/5/2020

If you get an offer to buy your house, there is no need to make a snap decision. Instead, it generally is a good idea to allocate the necessary time and resources to analyze an offer and determine the best course of action.

Ultimately, there are lots of reasons why you should analyze a home offer, and these include:

1. You can boost the likelihood of getting the best price for your house.

An offer may fall at, above or below your house's initial asking price. However, regardless of the offer that you receive, it pays to perform a full evaluation to ensure you can maximize the value of your residence.

For many home sellers, it is beneficial to conduct a home appraisal prior to listing a residence. That way, when a home offer arrives, a seller can compare the proposal to a property valuation and proceed accordingly.

2. You can weigh the pros and cons of all of your options.

Let's face it Ė deciding whether to accept, reject or counter a homebuying proposal can be tough. Luckily, analyzing an offer enables you to weight the pros and cons of each option, making it easier than ever before to make an informed choice.

Oftentimes, creating a list of pros and cons can be helpful. This list will enable you to assess the advantages and disadvantages of each potential home selling decision. Then, you can use your list to guide the decision-making process.

3. You can receive expert housing market insights before you finalize your decision.

Imagine what it would be like to take a data-driven approach to decide whether to approve a homebuying proposal. Now, you can, thanks to the wealth of housing market data that is readily available to sellers.

As a home seller, you should have no trouble examining the prices of comparable houses that recently sold in your city or town. You then can use this housing market data to determine whether a proposal is "fair" based on the current real estate market's conditions.

Of course, as you assess a home offer, it often helps to collaborate with a real estate agent. This housing market professional knows exactly what it takes to sell a house Ė regardless of the real estate market's conditions. As such, he or she will enable you to conduct an in-depth review of any homebuying proposal, at any time.

A real estate agent also is happy to help you after you determine whether to accept, reject or counter a proposal. If you accept an offer, a real estate agent will help you move forward with the home selling journey. Or, if you reject an offer, a real estate agent will show you how to promote your house to potential buyers to boost your chances of receiving better proposals in the future. And if you counter an offer, a real estate agent can negotiate with a buyer's agent on your behalf.

Evaluate a home offer closely Ė you'll be glad you did. If you perform a deep analysis of a homebuying proposal, you can assess a home offer from multiple angles and make the best-possible decision based on your individual needs.





Posted by Thomas Murphy on 2/2/2020

If you discover a house that you want to buy, it generally is a good idea to submit a competitive offer. That way, you can move one step closer to acquiring your ideal residence.

However, the hours after you submit a home offer can be stressful, particularly for a buyer who fails to plan accordingly. Lucky for you, we're here to help you stay calm, cool and collected as you wait to receive a seller's response to your offer.

Let's take a look at three tips to help you get ready to handle a seller's response to your homebuying proposal.

1. Plan for the Worst-Case Scenario

Even the worst-case scenario is not the end of the world for a buyer who is awaiting a seller's response to a home offer. In fact, if a seller rejects your proposal, you can always reenter the housing market and continue your pursuit of your dream home.

As you await a seller's response to your home offer, you should not stop searching for available houses. Because if you continue your home search, you'll have no trouble moving forward in the homebuying journey if a seller rejects your home offer.

2. Consider All of Your Options

If you submit a home offer and a seller says "Yes," what should you do next? Consider how you'll proceed if a seller accepts your proposal, and you'll be better equipped than ever before to enjoy a seamless homebuying experience.

On the other hand, it helps to prepare for a potential counter-offer from a home seller as well. If you are open to negotiating with a seller, you may be able to find common ground with him or her and finalize a home purchase.

3. Consult with a Real Estate Agent

A real estate agent knows all about the stress that is commonly associated with submitting a homebuying proposal. He or she can help you minimize this stress and ensure you can achieve the best-possible results throughout the homebuying journey.

Typically, a real estate agent will work with you to submit a homebuying proposal. This housing market professional then will keep you up to date as you await a seller's response to your offer. And if you have any concerns or questions during this time, a real estate agent is happy to respond to them.

A real estate agent will make it simple to streamline the homebuying journey too. For instance, if a home seller accepts your offer, a real estate agent will be ready to help you move forward with a property inspection and appraisal. Conversely, if a home seller rejects your proposal, a real estate agent will be prepared to work with you to help you discover another house that matches or exceeds your expectations.

The waiting period after you submit an offer on a house may prove to be a challenging time. Fortunately, if you plan ahead for this period, you can maintain your confidence and continue to move forward in the homebuying journey.




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