It’s no secret that the current real estate market in the U.S. is a sellers’ market. Properties in most cities and towns across the country are selling at record breaking highs with no clear or definite end in sight.
Those hoping to purchase a home this year have a high chance of engaging in a bidding war, which happen when a property has multiple offers, but not all bidding wars are won by the person with the most money. Follow along for some top tips for winning a bidding war and ensuring you and your family get your dream home.
Find Homes Before They Hit the Market
The competition homes are facing the day they’re listed sometimes leaves purchasing a home up to chance as much as anything else. You can guarantee that the odds will weigh heavily in your favor by finding homes to buy before they officially go on sale. Network with friends, coworkers, and virtually anyone in your local community to ask if they know anyone who may be selling in the near future. Knock on the door of your dream home and ask if they’re willing to sell, you never know what they may say.
Even when you can’t outbid the highest bidder, many of those selling their homes will accept a lower cash offer instead over a higher financed offer. Not only does offering cash help expedite the entire process, it shows how serious you are about making a final deal.
Write a Personalized Letter
Countless happy homeowners have a heartfelt and personalized letter to thank for their home buying success. Buyers struggling to win their bidding war oftentimes write letters directly to the sellers explaining what they love most about the home, why it is perfect for their family, and other moving details that can help set them apart from the competition.
Agree to Waive Contingencies
Buyers who have been preapproved for a mortgage have the advantage of being able to waive contingencies. Contingencies are clauses that give the parties the right to back out of their contract under specified circumstances that are negotiated between the buyer and seller. These can include home inspections, appraisals, time constraints, financing and other random conditions.
Those hoping to buy a home soon should equip themselves with the best real estate agents and loan officers around. There’s nothing like having the support of a highly knowledgeable, reputable, and experienced team on your side when it comes to purchasing the home of your dreams. Head to our website to get the process started today or contact our team for help directly at (617) 972-8588.