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