Multiple Offers, New Normal
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 need to be equipped to navigate a highly competitive market where homes sell fast and get multiple offers.
Multiple offers on homes for sale has become the new norm in today’s market. If you’re looking to buy a home, here are four tips to navigate the competitive market:
- Make sure you have your finances in order. In order to make a strong offer, you’ll need to be pre-approved for a mortgage and have your down payment ready.
- Know what you want and be prepared to compromise. Don’t waste time looking at homes that don’t fit your needs, but be ready to make compromises on some of your must-haves.
- Stay organized and keep track of all the offers you’re making. Being organized will help you keep track of where you stand in the competition and make sure you’re making your best offer.
- Be prepared to move fast. In a multiple offer situation, you’ll need to be ready to move quickly when you find a home you want to make an offer on.
Following these tips will help you navigate the competitive market and increase your chances of buying the home you want.
Doing everything you can to get ahead of the competition in a bidding war is a wise move. That’s because 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.
Here are three tips to keep in mind that will help you make the best offer possible.
- Knowing your budget and what you can afford is critical to your success as a homebuyer.
- When homes are selling fast, it’s essential to stay on top of the market and be ready to move quickly.
- Lean on your agent to write a strong offer and use their expertise on which levers you can pull to make your offer as enticing as possible.
An expert real estate advisor is vital to help you navigate bidding wars with multiple offers. Our team has worked numerous multiple offer situations, let us help you prepare when it comes time to make an offer.