NEWS ARTICLES

How to prepare for a buyer's bidding war (US)

Posted By Yoshi Takita on October 16, 2020 in Sales & Marketing

With so few houses on the market in the United States, competition is heating up for home buyers. Here are some tips to prepare for a bidding war.

GET PRE-APPROVED

A mortgage pre-approval shows that a loan officer has reviewed your finances and determined your ability to get a home loan.

Pro Tip: Only 44% of today’s prospective homebuyers plan to apply for pre-approval when beginning their home search. Pre-approval helps you stand out as a qualified buyer.

KNOW WHAT YOU CAN AFFORD

Be prepared to cover your monthly expenses beyond your mortgage like general upkeep, utilities, and other unexpected repairs.

Pro Tip: Getting serious about your budget means you’ll have more money for down payment and a clear understanding of your maximum offer price.

MAKE YOUR BEST OFFER

On average, there are over 3 offers for every house sold in August. If your offer isn’t competitive, it probably won’t be considered.

Pro Tip: Your real estate agent can help you determine what factors might make your offer more enticing, like:

  • Flexible Move-in Dates
  • A Competitive Offer Price
  • Minimal Contingencies

SOME HIGHLIGHTS

With so few houses available on the market today, being ready for a bidding war is essential for prospective homebuyers.

From pre-approval to making your best offer, here are three tips to make sure you can act quickly and confidently when you find the perfect home.

Let’s connect today to be sure you have the guidance you need as the competition for homes heats up this season.

 

KCM

NEWS CATEGORIES