How Should you Navigate This Market When Multiple Offers is the New Norm?

Thought 2022 was your year to enter the real estate game but now you are getting intimidated by the new normal of mulitple offers on one home? We understand your feer, now let's conquer it. If you’re thinking of buying soon, you already know that the number of homes available for sale is low so it's time to keep your head high, learn all you can, and be prepared to win. Home sweet home might not be so sweet prior to purchasing but it will be sweet in the end.

Realtor.com says:

“Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….”

According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving 3.9 offers each on average. That’s the most offers we’ve seen in January for the last 5 years...sheesh. Put your seatbelts on kids, it's going to be a bumpy ride. 

To help you navigate through bidding wars with multiple offers, having an experienced real estate advisor on your side will definitely be key.. They know what’s worked for other buyers, what sellers are looking for, and how to help you prepare when it comes time to even make an offer.

A few tips to keep in mind to help you make the best offer ever: 

1. Know Your Magic Number
Knowing your budget and what you can afford is critical to your success as not only a homebuyer by just succeeding in life in general.  Work with a lender to understand the numbers so you can get pre-approved for a loan. Pre-approval shows sellers you have your head in the game and you are super serious, giving you a competitive edge if you will. 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. An agent can help you understand the market value of the home and what other homes are selling for in your area to make sure you are making the best decision, the best offer and not just throwing money out the window on that bumpy drive we mentioned earlier. 

2. Dust Your Running Shoes Off
Get your running shoes on and get hyrdated, we are full speed ahead. Speed and the pace of sales are major contributing factors to today’s competitive housing market. When homes are selling fast, you need to stay educated, on top of the market and be ready to make quick decisions. (Not like spending hours to decide on where to eat tonight or what to wear... now we are playing with the big dogs) Your agent should 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.​ After all, they want to succeed just as much as you do!

3. Come in Strong & Play Fair
​When you’re up against other offers, it's best to put your best offer forward from the start. Use your agents expertise on which levers you can pull to make your offer as enticing as possible. PULL THE LEVER KRONK! "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 the home inspection." KMK

No matter what, your agent is going to be your best resource for making an offer that stands out in a competitive market and answer any quesitons you have. 

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