In today’s market, with so few houses for sale and low mortgage rates, bidding wars are becoming more and more common
1. Be Ready – Only 52% of active homebuyers obtain a pre-approval letter before they began their home search. Meaning, about half of active buyers missed out on this key part of the process. Buyers who are pre-approved are definitely a step ahead when it’s time to make an offer. Having a pre-approval letter stating that you are a qualified buyer shows the sellers that you are serious about making the offer. It is often a deciding factor that can tip the sale in your direction if there is more than one offer on a home. Start with speaking to a mortgage professional so you are in the best position from the start of your home search
2. Present Your Best Offer – Typically it is common for the sellers to pick a date and time to review all offers on a house at once. With this, at times, you may not have the opportunity to negotiate back and forth with the sellers. Properties are selling quickly and they are getting more offers than average.
3. Act Fast – Homes are flying off the market so do not waste your time and put in an offer right away! Properties are typically lasting on the market for less than a month – you may not have time to sleep on it or shop around when you find a home you love.