Hi this is Lucy Magnus from The Nedder Group, and today I am going to be talking to you about five things to keep in mind before you make an offer.

We are all looking for the perfect place to call home.

When it comes to buying a house, we are all looking for the perfect place to call home. The problem is: in today's market, there just aren't that many homes available to purchase. With inventory hovering around record lows, and sky-high buyer demand, multi-offer scenarios are the new normal.

Here are some things to keep in mind when you're ready to make an offer:

One, know your numbers! Having a complete understanding of your budget and how much house you can afford is essential. That's why you should connect with the lender and get pre-approved for a loan early in the home buying process. Taking this step shows sellers that you're a serious qualified buyer and can give you a competitive edge in the bidding order.

Two, brace yourself. Put on your seat belts for a very fast-paced home search. This is a very challenging dynamic and fast-moving market. According to the National Association of Realtors, the average home is on the market for 17 days. That means from start to finish, a house is for sale in today's climate for roughly two and a half weeks.

A skilled agent is going to do everything possible to help you stay on top of every opportunity, and as soon as you find the right home, you'll be able to draft and submit your best offer.

Three, lean on your real estate professional. It might seem like a whirlwind process for you, but we do this all day, every day; we know what works. This expertise can be used to give you a significant leg up against your competition.

Catering to what a seller may need can help you stand out.

An agent can help you consider what levers you can pull to entice the seller to accept your offer, such as offering flexible rent back options to give the seller more time to move out, or your ability to do a quick close and/or make an offer that's not contingent upon the sale of your current home. It may seem simple, but catering to what a seller may need can help you stand out.

Make a strong - but fair - offer is the fourth item to remember. Let's face it, we all love a good deal. In the past, offering at the asking price was enough to make your offer appealing to sellers in today's market that's not off that's not often the case. For every listing, there are 5.1 offers. Approximately half of those homes are being sold above list price.

In such a competitive market, emotions and prices can run high. Use an agent as your trusted advisor to make a strong but fair offer based on market value, recent sales, and demand.

And five, be a flexible negotiator. If you follow tip three, lean on the real estate professional. You've drafted an offer with the seller's needs in mind. That being said, the seller might still counter with their own changes. Be prepared to amend your offer, and to include flexible move-in dates, a higher price, or minimal contingencies - conditions that the seller must meet for the purchase to be finalized. Just remember that there are a few contingencies that you don't want to forgo.

When it's time to make an offer, it's important to consider not just what you need, but what the seller needs.

I recommend resisting the temptation to waive the inspection contingency, especially in this hot market - unless you are absolutely confident that nothing is hidden beneath the surface. Without an inspection contingency, you could be stuck in a contract for a house that you can't afford to fix. When it's time to make an offer, it's important to consider not just what you need, but what the seller needs.

A local real estate professional, such as The Nedder Group team, can help you and guide you with expert advice all throughout the process. Just let us know how we can help!

- Lucy Magnus