If you’re in the market for buying a new home, you must be aware that the housing supply is low. But what does that really mean for you? Competition. As a home buyer, low housing inventory coupled with high buyer demand means you should be prepared to navigate a highly competitive market where homes sell fast and sellers get multiple offers on a home.
Realtor.com said, “Homes also flew off the market at a record pace as buyers put offers in the moment properties came up for sale….”
You need to do everything you can to get ahead of the competition in a bidding war. When you find a house and submit an offer, there will likely be 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 for the last 5 years.
Having an expert real estate agent is key to helping you navigate bidding wars with multiple offers. Agents are experienced with sellers and buyers, and they will help you make the best offer. Here are a few tips to keep in mind when making an offer on a home.
Know What You Can Afford
Knowing what you can afford is critical to your success as a homebuyer. The best way to understand what you can afford is to work with a mortgage lender so you can get pre-approved for a loan. Pre-approval shows sellers you are a serious buyers and can give you a competitive edge. You should also know making an offer at the home’s asking price may not be enough. Homes today often sell for more than their listing price. Your real estate agent can help you understand the market value of the home and what other homes are selling for in your area.
Be Ready to Move Quickly
When homes are selling fast, it’s important to stay on top of the market and be ready to move quickly. Your real estate agent will help you with the latest listings and help you make an offer when you find the perfect home.
Make a Strong and Enticing Offer
When you’re up against multiple offers, putting your best offer forward is key. Your real estate agent will assist you to submit a strong and fair offer. Use your agent’s expertise to make your offer as enticing as possible. One option is to wave some of your contract contingencies, but certain contingencies you don’t want to give up, like the home inspection.
Contact a Real Estate Agent
A real estate agent is your best resource for helping you make an offer that stands out in a competitive market. When you need an experienced and local real estate agent, contact our team of real estate professionals. Team Wenzel offers expert assistance tailored to meet your unique needs.
Wenzel Select Properties’ future home is located at 4941 Main Street in Downers Grove, Illinois. Our real estate office is in the heart of downtown Downers Grove. We are just minutes away from Interstates 88, 355, 55, 290, and 294. Our real estate brokers are available to meet with you 7 days a week – Monday through Sunday. You can call us for an appointment at (630) 430-4790.