When it comes to buying an Apartment in Addis Ababa, Ethiopia you’re looking for the perfect place to call home. The issue here is in the present market, there aren’t that many homes available to purchase. With inventory hovering near record lows and sky-high buyer demand, a multi-offer scenario is the new normal. When you’re ready to make an offer, keep these four points in mind.
Know Your Numbers Having a complete understanding of your budget and how much Apartment you can afford is essential. To show that you’re a serious and qualified buyer, taking this step will give you an edge in a bidding war.
1. 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 a lender to get pre-approval for a loan early in the homebuying process.
2. Brace for a Fast Pace
Today’s market in Addis Ababa is dynamic and fast-paced. That means starting from start to finish, an Apartment for sale in today’s climate is active for roughly 2.5 weeks. Metropolitan Real Estate will do all in its power to keep you informed of every available opportunity. Thus, as soon as you find the Apartment for your needs, Metropolitan Real Estate, will help you draft and submit your best offer and provide you the best Apartments as quickly as possible.
3. Make a Strong, but Fair Offer
Let’s face it – we all love a good deal. In the past, offering at or near the asking price was enough to make your offer appealing to sellers. Regarding today’s modern Addis Ababa, that’s often not the case.
Emotions and prices may run high in this competitive environment. Use strategies on offers to make a convincing but fair offer based on market value, recent sales, and demand.
4. Be a Flexible Negotiator
If you followed tip #3, you drafted the offer with the seller’s needs in your mind. That said, the seller may still counter with their changes. Prepare to amend your price to include flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized).
Just remember, there are certain contingencies you don’t want to forego. According to Lawrence Yun, Chief Economist: “Resist the temptation to waive the inspection contingency, especially in a hot market or if the Apartment is being sold ‘as-is’, which means the seller won’t pay for repairs. Without the presence of an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.” Let’s connect so you have expert advice on this step in the home buying process to put your best offer on the table.
When it’s time to make an offer, it’s essential to consider not just what you need, but also what the seller may need.
Let us connect today, on Metropolitan Real estate, which has multiple ongoing projects such as Metropolitan Tower at Bole Rwanda in front of Mamokacha cafe. Metropolitan Central Tower Luxury Apartments are around AU headquarters. Metropolitan Westview Standard Apartments is located at Total Soset Kuter Mazoriya and The Metropolitan Residence located around Bole Main Road, In front of Mega Building. Contact us with the Ethiopian office: +251973404040 and the USA office: +1480 280 2242.
Source – Paige Rose