As I am sure you already know, the number of homes for sale is low. This factor along with High Buyer demand is the perfect climate for a housing market hurricane. This mean you need to be prepared in order to navigate these conditions with homes selling fast and getting multiple offers.

Doing everything you can in a bidding war situation can get you ahead of the competition for that home you have in your sights. When you find that home and submit the offer, your almost always are now going against strong offers from other buyers. According to recent results in the Realtor’s Confidence Index from the National Association of Realtors, homes are receiving an average 3.9 offers and that is the most seen in January for the last 5 years,

KNOW YOUR NUMBERS

Your budget and what you can afford is critical to know before venturing into these turbulent waters. The best way to understand your numbers is to speak with a lender and get pre-approved for a loan. In this current market it is almost a must to even be considered, also often requiring proof of funds or approval letter to even be considered. Unfortunately, offering at the ask price with these conditions will typically not be enough. Knowing your numbers and savings on hand in order to know if you may have to come up with more cash in case of appraisal waivers is something you want to know before your in the heat of the battle. Its imperative to be working with an agent who knows to market conditions and can be creative to help your offer stand out from the rest of the pack.

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. Your agent will help you stay up to date on the latest listings and help you put together your best offer as soon as you find the home you want to buy.​

Make and Offer that’s Strong - But Fair

When you’re up against other offers, putting your best offer forward from the start is key. 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. 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 a home inspection.

Just know you are not alone, I am here to help you navigate these crazy times. Contact me anytime and we can discuss your options.