One of the challenges in today's housing market is low supply and high buyer demand. Homes get multiple offers and sell faster than they used to. There are instances when buyers would put offers on the table as soon as properties are listed. With strong offers from different sides, the question goes, how can buyers prepare for situations like this?
Get Ahead of the Game
In a competitive market like this, it is wise to get ahead of the game. According to the NAR's Realtors Confidence Index, about 3.9 offers are received for each home listed today. As Realtor.com says, "Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale…"
How to Navigate Through the Bidding War
Keep in mind that REAL estate experts are the ones who REALLY know the ins and outs of the housing market. That being said, it is important to get a trusted realtor who can guide you all the way.
Make the Best Offer
While a real estate expert knows what worked for other buyers and what sellers are looking for, there are things that you can do to help you make the most viable offer possible.
Know Your Budget
Knowing what you can afford as a buyer is critical to your success. Work with a lender who can help you get pre-approved for a loan. Getting pre-approved gives you an advantage because it shows that you are serious in buying a home.
Be Prepared to Move Quickly
In today's housing market, most buyers are competitive. You need to be prepared to move fast, so you don't miss out on the opportunity. If you are working with a real estate expert, you can expect to get updates on listings and get assistance when it comes to putting together a great offer for the home that you want.
Put Your Best Offer Forward
Ask your realtor to help you come up with a strong offer. This may help you get an edge over other buyers. You may wave some of your contract contingencies, however, it is vital to know that some contingencies are not worth giving up, such as home inspection.
Look for the Right Agent to Work With
With a competitive market and so many agents around, it can be daunting for first-time home buyers to process everything easily. If you would like to talk about the steps in purchasing a home without worrying whether you are doing it the right way and when you should do them, get in touch with the best real estate agent in Long Island and the top real estate agent team in town: The Island Wide Team! We're more than happy to help!
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