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How to Navigate a Market With Bidding Wars

Thursday, March 10, 2022   /   by Flr Team

How to Navigate a Market With Bidding Wars

If you’re thinking about buying a home, you already know that the number of homes available for sale is low, but what does that really mean for you? As a buyer, low housing supply along with high buyer demand means you should be prepared to enter a highly competitive market where homes are selling fast and getting multiple offers.


Realtor.com says that homes are flying off the market at a record pace as buyers put offers in the moment properties come up for sale. It’s wise to do everything you can to get ahead of the competition in a bidding war situation like this. When you find a home and submit an offer, it’ll likely be up against strong offers from other buyers. According to the National Association of Realtors, homes today are receiving an average of 3.9 offers, the most we’ve seen in January for the last 5 years!


To help you navigate the bidding wars with multiple offers, it’s important to have an expert real estate advisor. They know what’s worked for other buyers, what sellers are looking for, and how to help you prepare when it’s time to make an offer. Here are a few things to keep in mind to help you make an offer that will stand out to sellers.


First, knowing your budget and what you can afford is important. Work with a lender so you can get pre-approved for a loan. Pre-approval shows sellers that you’re serious, which can give you a competitive edge. 


Making an offer at the home’s asking price may not be enough, and homes today often sell for more than their listing price. An agent can help you understand the market value of the home and what other homes are selling for in your area.


It’s also important to move quickly when homes are selling fast. Your agent will help you stay up-to-date on the latest listings and help you put together your best offer as soon as you find the home you would like to buy.


Trust your agent to help you write a strong offer and use their expertise to help make it stand out from others. One way of doing this is by waving some of your contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). But remember, there are certain contingencies that aren't recommended to give up, like the home inspection.


No matter what, your agent is your best resource for making an offer that stands out in a competitive market. If you’re ready to get started, reach out to a real estate professional who can walk you through what to expect as a buyer and how to prepare for a successful home search.


Florida Lifestyle Realty

(321)613-5922

 
Florida Lifestyle Realty LLC
Jackie Griffin
6500 N. Atlantic Ave. Suite C
Cape Canaveral, FL 32920
321-613-5922

The information displayed on this website comes in part from the Broker Reciprocity Program of Brevard County, Florida. Real estate listings held by brokerage firms other than Florida Lifestyle Realty LLC in Florida are marked with the Broker Reciprocity thumbnail. Copyright 2014 Space Coast Association of REALTORS®, Inc. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.com. September 30, 2022
Copyright 9/30/2022 11:22 AM CST New Smyrna Beach Board of REALTORS®, Inc. All rights reserved”. NSBBORMLS data is provided solely for publication on the Internet as a tool for consumers to search and view properties available for sale, which have been listed with NSBBORMLS members. “IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties to consumers that may be interested in purchasing. Data is deemed reliable but not guaranteed accurate by the MLS”
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