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How to Find Your Way in a Market Where Multiple Offers Are the New Normal

Monday, March 14, 2022   /   by Ken Couture

How to Find Your Way in a Market Where Multiple Offers Are the New Normal

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If you're looking to purchase a property right now, you're probably aware that there aren't many available. But what does that imply for you personally? As a buyer, you should be prepared to negotiate a highly competitive market where properties sell quickly and receive several offers due to low housing availability and high buyer demand. According to Realtor.com:

“Homes also flew off the market at a record pace as buyers put offers in the moment properties came up for sale….”
In a bidding battle like this, it's smart to do everything you can to get ahead of the competitors. That's because when you discover a home and make an offer, you'll almost certainly be competing with other buyers. According to the National Association of Realtors' (NAR) recent Realtors Confidence Index, houses are getting an average of 3.9 offers today. In the previous five years, we've seen the most offers in January (see graph below):

A skilled real estate counsel is essential for navigating bidding wars with several bids. They understand what has worked for past buyers, what sellers are looking for, and how to assist you in preparing an offer. Here are three pointers to keep in mind to help you make the best possible offer.

1. Know Your Numbers?
Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Pre-approval shows sellers you’re serious, which 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. An agent can help you understand the market value of the home and what other homes are selling for in your area.
2. 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.?
3. Make a Strong but Fair Offer?
?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 the home inspection.

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Ken Couture
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