With so few houses for sale and low mortgage rates driving buyer activity, bidding wars are becoming the norm. Here are three things you can do to make your offer a competitive one when you’re ready to make your move.
1. Be Ready
Multiple-offer scenarios are heating up, so it’s critical to get pre-approved in advance. This way, you can put your best foot forward quickly and efficiently. Buyers who are pre-approved are definitely a step ahead when it’s time to make an offer. It’s best to contact a mortgage professional to start your pre-approval process early, so you’re in the best position right from the start of your home search.
2. Present Your Best Offer
In a highly competitive market, it’s common for sellers to pick a date and time to review all offers on a house at one time. If this is the case, you may not have an opportunity to negotiate back and forth with the sellers. Make sure the offer you’re presenting is the best one the sellers receive. An experienced Buyer Specialist can make sure your offer is a fair and highly competitive one.
3. Act Fast
Sixty eight percent of the homes that sold in July of 2020 were on the market for less than one month. Homes in the $150,000 to $250,000 range are selling in the first 24 to 48 hours. This means you may not have time to sleep on it or shop around when you find a home you love. Chances are, someone else loves it too. If you take your time, it may not be available when you’re ready to commit.
Bottom Line
The housing market is very strong right now, and buyers are scooping up available homes faster than they’re coming to market. If you’re planning to purchase a home this year, reach out to us now so we can get you prepared!
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