If you’re considering buying a home today, you already know that the number of homes available for sale is low. But what does that 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 have 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:
1. Make sure you have your finances in order. To make a strong offer, you must be pre-approved for a mortgage and have your down payment ready.
2. 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 compromise on some of your must-haves.
3. Stay organized and keep track of all your offers. Being organized will help you monitor your competition and ensure you’re making your best offer.
4. Be prepared to move fast. When you find a home you want to make an offer on, you’ll need to act quickly in a multiple-offer situation.
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 wise. 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 receive an average of 3.9 offers.
Here are three tips to remember that will help you make the best offer possible.
1. Knowing your budget and what you can afford is critical to your success as a homebuyer.
2. When homes are selling fast, staying on top of the market and being ready to move quickly is essential.
3. 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. They 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.