Josh Gillis - Gillis and Company - Merrimack Valley


Submitting a "fair" offer on your dream home may seem difficult, particularly for a first-time homebuyer. Lucky for you, we're here to help you determine what it takes to submit a fair offer on a home that increases the likelihood that a home seller will accept your proposal without delay.

Now, let's take a look at three tips to ensure that a first-time homebuyer can submit a fair offer on a house.

1. Study the Housing Market Closely

Are you preparing to submit an offer in a buyer's market or a seller's market? Ultimately, the current state of the housing market may help you define a fair proposal based on the sector's conditions.

For example, a buyer's market frequently includes an abundance of top-notch residences and a shortage of homebuyers. In this market, you may be able to submit an offer at or below a home seller's initial asking price and receive an instant "Yes."

On the other hand, a seller's market usually features a shortage of high-quality houses and an abundances of homebuyer. As such, you may need to submit an offer at or above a home seller's initial asking price if you want to secure your dream residence.

For first-time homebuyers who analyze the housing market closely, they should be able to differentiate between a buyer's market and a seller's market. That way, a first-time homebuyer can determine fair market value for a residence and submit an offer that corresponds to it.

2. Evaluate Your Homebuying Budget

There is no need to overspend for a house, regardless of the current housing market's conditions. But with a homebuying budget in hand, a first-time homebuyer can resist the urge to pay too much to acquire an outstanding residence.

Getting pre-approved for a mortgage often provides a great option for those who are uncertain about how much they can spend on a home. This budget will enable a homebuyer to narrow his or her home search based on the finances at his or her disposal.

Meet with a variety of banks and credit unions to learn about all of your mortgage options. Then, you can select a mortgage that matches your budget and move one step closer to acquiring a terrific residence.

3. Work with a Real Estate Agent

A real estate agent is a must-have for a first-time homebuyer, and for good reason. This housing market professional can teach you about the intricacies of buying a house and help you submit a fair offer on a residence any time you choose.

Furthermore, a real estate agent will guide you along each stage of the homebuying journey and help you overcome any potential pitfalls along the way. And if you ever have homebuying concerns or questions, a real estate agent is happy to respond to them at your convenience.

Take advantage of the aforementioned tips, and by doing so, a first-time homebuyer should have no trouble submitting a fair offer on a residence.


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If you are ready to move into a luxury home. You'll find options in most locations in any state you desire. Before you choose, especially if you plan on moving to another state, you should first tackle some other questions.

Work

Do you need to keep working to enjoy the lifestyle you have now? If you do, can you find work that will provide you with a similar income? If you own a business, how hard will it be to get that business going in another state? If your business is conducted online only, that is one less thing you will have to worry about — but you do have to find out how businesses are treated in the state you choose to move to. It is not beneficial to run a business in some states because of the extra taxes and regulations that some states have.

Urban, Suburban or Rural

It’s no secret that you can get more house for the money in certain states, and, breaking it down further, more house for the money in certain areas of the state. For example, to get a luxury home with at least five bedrooms near or in a large city, you’re going to have to shell out much more than you would if you picked the same house 100 miles away from the city, as long as the location is not near another large city or a tourist area.

Are you looking for something that doesn’t take a ton of maintenance? You might prefer a luxury home in the city with a small yard. If you like the idea of spreading out, having a large pool, hot tubs, stables, riding trails, ATV trails and other amenities on your property, you’ll have better luck finding that in a rural area.

Commuting and Schools

If you have school-age children, check the rating of the schools. Just because you live in a luxury neighborhood doesn’t mean that the schools for that neighborhood have a good rating. Additionally, you might have to take your children to school if you live too far out for the school bus. And, on the subject of commuting, if you have to work to maintain your lifestyle, you’ll have to commute if you choose a rural luxury home. How long is the commute? Is it something that you can manage or will that commute take too much time away from your family?

Nightlife and Attractions

If you like to go out a lot, living an hour out of town might not be for you, as much as you like a property. If you have to be in the thick of things, you might prefer a luxury neighborhood in an urban or suburban setting. If you want peace and quiet, and prefer connecting with nature, then you might choose a rural luxury home, such as a large ranch or a home with large acreage.


Buying a home should be a problem-free experience. Yet issues may arise that make it tough to acquire the perfect house at an affordable price.

Common problems that come up during the homebuying journey include:

1. Lack of Home Financing

Before you search for a home, it generally is a good idea to get pre-approved for a mortgage. That way, you can kick off a house search with a budget in hand.

To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can teach you about a variety of mortgage options and help you get approved for home financing in no time at all.

Of course, if you have questions as you pursue a mortgage, don't hesitate to ask a lender for assistance. Lenders employ courteous, knowledgeable mortgage specialists who are happy to respond to your queries without delay.

2. Temptation to Submit a Lowball Offer to Purchase

Once you find your ideal residence, you may be tempted to submit an offer to purchase at or below a house seller's initial asking price. But doing so may be problematic, particularly for a homebuyer who wants to acquire his or her dream residence as quickly as possible.

If you submit a lowball offer to purchase a house, a seller likely will reject the proposal. Worst of all, a rival homebuyer may swoop in with a competitive offer to purchase this residence – something that may cause you to miss out on the opportunity to buy your ideal home.

Ultimately, it is beneficial to submit a competitive homebuying proposal. If you allocate time and resources to learn about a home's condition and how a residence stacks up against comparable houses in the same city or town, you can craft a competitive offer to purchase. And as a result, a competitive offer to purchase may receive an instant "Yes" from a home seller, leading to a fast, successful homebuying experience.

3. Failure to Identify Problems During a Home Inspection

A home inspection is paramount because it gives you the opportunity to walk through a residence with a property expert and learn about any underlying house issues. Then, if you discover major problems with a house, you can ask a seller to complete property repairs, reduce your initial offer to purchase or walk away from a residence altogether.

Hire a home inspector who possesses comprehensive expertise – you'll be glad you did. With the right house inspector at your side, you can get the help you need to identify problems during a property inspection.

Lastly, as you get ready to search for a house, you may want to hire a real estate agent as well. This housing market professional can provide extensive guidance throughout the property buying journey and ensure you can mitigate homebuying problems before they escalate.

Reach out to a real estate agent today, and you can receive plenty of support as you navigate the homebuying journey.


Before you launch a home search, you should put together a property buying plan. That way, you will know exactly what you want to accomplish during the homebuying journey and can tailor your house search accordingly.

There are many things you can do to ensure your homebuying plan will work perfectly, and these include:

1. Create Homebuying Goals

You know you want to acquire a house. Now, you just need to establish homebuying goals so you can make your property buying vision a reality.

To create homebuying goals, you should consider where you want to reside and what you want to find in your ideal residence. Remember, you can always modify your goals as you navigate the homebuying journey as well.

Don't forget to be realistic as you establish homebuying goals. For example, if you want to acquire a mansion but don't have the finances to do so, you should lower the bar for your home search.

2. Get Your Finances in Order

A mortgage generally is a must-have to purchase a house. If you get pre-approved for a mortgage, you will know precisely how much you can spend on a residence. And as a result, you can narrow your house search based on the finances at your disposal.

To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. These financial institutions can teach you about the ins and outs of home financing. Plus, they can help you make an informed mortgage selection.

In addition, don't hesitate to ask questions as you review your mortgage options. Banks and credit unions employ courteous, knowledgeable mortgage specialists. If you work with these specialists, you can gain the insights you need to select a mortgage that matches your finances.

3. Consult with a Real Estate Agent

For those who want to receive comprehensive support as they craft a homebuying plan, hiring a real estate agent is paramount. A real estate agent boasts extensive housing market expertise, and as such, will help you create an effective property buying strategy.

A real estate agent devotes time and resources to learn about you and your homebuying goals. Next, he or she will work with you to create a custom homebuying strategy. And when you are ready, you can put this strategy into action.

Furthermore, a real estate agent offers in-depth guidance throughout the homebuying journey. He or she will keep you up to date about new houses that become available in your preferred cities and towns and set up home showings. Also, a real estate agent will help you submit an offer to purchase your dream home. Perhaps best of all, a real estate agent will make it simple for you to avoid overpaying to acquire your ideal house.

Take the guesswork out of developing and executing a homebuying plan – use the aforementioned tips, and you can simplify the process of finding and acquiring your dream residence.


The amount of money you will need to ensure you can purchase a house varies based on a number of factors. For example, if you want to purchase a house in a big city, you may need to save more money than you likely would require to buy a residence in a small town. Meanwhile, your decision to choose a fixed-rate mortgage over an adjustable-rate mortgage – or vice-versa – can impact your monthly housing costs. And let's not forget about the costs of home utilities like electricity and water, either.

Ultimately, it helps to put together a homebuying budget before you embark on a house search. Because if you know how much money you have at your disposal, you can map out your house search accordingly. And as a result, you can minimize the risk of spending too much to acquire your dream residence.

Let's now take a look at three tips to help you craft an effective homebuying budget.

1. Evaluate Your Current Expenses

An in-depth assessment of your current monthly expenses is key. If you conduct an expense evaluation, you can find out how much you spend on various must-haves and wants. You then can take steps to reduce your monthly expenses and increase your savings for a new home.

It also never hurts to consult with a financial planner. If you have a financial planner at your side, you can gain expert insights to help you evaluate your current expenses. Plus, you can work with a financial planner to determine the best course of action so you can eventually buy your dream residence.

2. Get Pre-Approved for a Mortgage

Meet with a variety of banks and credit unions and explore your mortgage options – you will be happy you did. If you assess your mortgage options closely, you can find one that complements your finances. And once you get pre-approved for a mortgage, you will know how much you can spend on a house.

Generally, it is beneficial to meet with as many banks and credit unions as you can. If you consult with myriad lenders, you can receive extensive insights into many mortgage options. Best of all, you will be better equipped than ever before to find the lowest-possible interest rate on a mortgage.

3. Consider Your Down Payment Options

The down payment required for a home purchase varies, but it commonly ranges between 5 percent and 20 percent of a house's total price. If you account for a down payment as you craft a homebuying budget, you can use this total to plan ahead for the property buying journey.

Lastly, you may want to collaborate with a real estate agent as you prepare to launch a home search. In addition to helping you find your dream residence, a real estate agent can put you in touch with potential lenders and offer plenty of guidance throughout the property buying journey.

Ready to pursue a home? Use the aforementioned tips, and you create a successful homebuying budget.




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