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5 tips for buying a home in a seller’s housing market

Housing Wire

Here’s how Dannielle Hale, chief economist for Realtor.com, put it in her recent 2021 forecast: “The housing market in 2021 will be much more hospitable for buyers as an increased number of existing sellers and ramp-up in new construction restore some bargaining power for buyers, especially in the second half of the year.”.

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How to Protect Your Earnest Money When Buying a House

HomeLight

Before you submit your bid, it’s important to understand what an Earnest Money Deposit (EMD) is, how you can use one to strengthen your offer, and how to protect your money should anything come up during your home-buying process. In higher-priced or competitive markets, deposits can reach up to 10%.

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The No. 1 Reason Homebuyers Are Moving Farther Away From the Big Cities

Realtor.com

The features they’re most willing to forgo include man caves and pools/spas followed by guesthouses, in-law suites, and new construction. About 28% plan to put more than 20% down when they make offers, and 21% will increase their earnest money deposits.

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Should I Waive a Home Inspection? Why Buyers Are Willing To Right Now

Realtor.com

You might have to forfeit the earnest money deposit you’ve put down with your offer, but not necessarily if you’ve worded your contract right. And even if you do lose your deposit, it might pale in comparison to paying for whatever required repairs the home inspection brings to light. What about condos?

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Ready to Sign the Purchase Offer for Your House? Here’s How to Read the Fine Print

HomeLight

A real estate purchase offer typically includes the following items: A description of the property and its condition What fixtures and appliances are included (or not) The amount of the earnest money deposit The prospective closing date Terms of possession Any contingencies that must be met before the sale is finalized.

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Your Guide to Buying a Home in the Sunshine State of Florida

HomeLight

As far as home styles go, new construction is trending toward a country style, says Raymer. Get creative with your offer — you may want to offer a larger earnest money deposit, schedule a quick closing, or even consider letting the seller rent the house back from you for a certain period of time. Closing date.

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Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

Doing so could mean the forfeiture of their earnest money deposit. Lenders aren’t going to provide money for a property that the buyer’s offer has overvalued. Perhaps the seller needs some time to fix up the home before it is ready for the market or it is new construction.