If you’re thinking of buying a home today, 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, coupled with high buyer demand, means you should be prepared to navigate a highly competitive market where homes sell fast and get multiple offers.
In a bidding war situation, doing everything you can to get ahead of the competition is a wise move. When you find a house and submit an offer, it’ll likely be up against strong offers from other buyers. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 3.9 offers.
To help you navigate bidding wars with multiple offers, an expert real estate advisor is key. I know what’s worked for other buyers, what sellers are looking for, and how to help you prepare when it comes time to make an offer. Here are three tips to keep in mind that will help you make the best offer possible.
Know Your Numbers
Knowing your budget and what you can afford is critical to your success. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Pre-Approval shows sellers you’re serious, which can give you a competitive edge. You should also know making an offer at the home’s asking price may not be enough. Homes today often sell for more than their listing price. I’ll help you understand the market value of the home and what other homes are selling for in the area.
Be Ready To Move Fast
Speed and the pace of sales are contributing factors to today’s competitive housing market. When homes are selling fast, it’s important to stay on top of the market and be ready to move quickly. I am up to date on the latest listings and will help you put together your best offer as soon as you find the home you want to buy.
Make a Strong But Fair Offer
When you’re up against other offers, putting your best offer forward from the start is key. Lean on me to write a strong offer and determine which levers you can pull to make your offer as enticing as possible. One option is to wave some of your contract 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 give up, like the home inspection.
Allow me to be a resource for making an offer that stands out in a competitive market. If you’re ready to get started, get in touch today.