If you’re ready to buy 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 inventory, coupled with high buyer demand means you should be prepared to navigate a competitive market where homes sell quickly and get multiple offers. Realtor.com has this to say:
“Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….”
In multiple offer situations like this, doing everything you can to get ahead of the competition is a wise move. When you find a house and submit an offer, you will 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. That’s the most offers we’ve seen in January for the last 5 years (see graph below):
This is where you need the help of an expert real estate agent to help you navigate bidding wars with multiple offers. I know what’s worked for other buyers and what sellers are looking for. I can and will 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.
1. Know Your Numbers
Knowing your budget and what you can afford is critical. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. A strong pre approval shows sellers you’re serious and have the means to close, which can give you a competitive edge. Many homes today often sell for more than their listing price, and I can help you understand the market value of the home and what other homes are selling for in your target area. We also work with top lenders to make our offers stand out, and discuss competive ways to offer.
2. Be Ready To Move Fast
Speed and the pace of sales are contributing factors to today’s competitive housing market and homes are selling fast! It’s important to stay on top of the market and be ready to move quickly. You’ll hear me state the importance of seeing a home the day it hits market so we can put together your best offer as soon as you find the home you want to buy. Many times offering before offer review date seals the deal, depending on seller needs and motivation.
3. Make a Strong but Fair Offer
When we’re up against other offers, putting your best offer forward from the start is key. Lean on me to write a strong offer and use my expertise on 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). This is a strategy we will discuss in great detail.
No matter what, working with me as your agent is your best resource for making an offer that stands out in a competitive market. Let’s connect to talk through what you can expect as a buyer and how to kick off a successful home search.