WHO WILL BE THE “CHOSEN ONE”?
Often times I have to remind my clients that they aren’t the only ones in the market looking to buy a home. I can understand why they don’t bother to think about that because I give them my full attention as if they were the only buyers out there plus they never really see the other buyers out there. In essence, their competition is invisible so understandably not much thought is given to it until they get outbid a few times and start to realize that they are not the only home buyer around.
I always give my clients a heads up that chances are they will see a few homes they like and even make a few offers on homes they really want before finally getting an offer accepted by a seller.
One thing a buyer can do to increase their chances of getting the home they like is acting swiftly once I find them a home they like. I tell them every time that I can’t guarantee the home they like will still be on the market by the time they think it over and it is true because by the time they have thought it over they didn’t even get a chance to make an offer. Someone else had already bought the home. Do realize, just because you make an offer and it gets accepted, it doesn’t mean you have to buy the home. There are many contingencies that will allow you to walk away from the offer should it ever come to that. I will talk about that in a future article
Most sellers will wait at least a week after putting their home on the market before making a final decision if they are receiving multiple offers just in case a higher offer comes in. They don’t always do this though because on the offer contract, the seller is given 3 days to respond to the offer or else the contract can be automatically considered withdrawn by the buyer although many times the buyer still wants the home even after the 3 days.
Check out the article below
Bidding Wars Are Back, Agents Say
Some real estate markets are reporting that home buyers are having to pay more than asking price to get the home they desire, as the supply of for-sale homes has shrunk, Bloomberg News reports.
Bidding wars were a common part of real estate in 2006. But when the market turned from a “seller’s market” to “buyer’s market,” more sellers started seeing lowball bids than high bids. Now times are slowly changing, and bidding wars are being reported in several markets, such as in Seattle, Boston, Silicon Valley, Miami, and Washington, D.C., Bloomberg reports.
The inventory of homes for-sale is near a six-year low. Mixed with the low inventory, the job market has been improving and buyers are being lured to the record level of affordability in the housing market. Existing-home sales and pending home sales are up more than 8 percent compared to a year earlier, the National Association of REALTORS® recently reported. Trulia Inc. also reported that falling home values and low mortgage rates have made home buying a better deal than renting in 98 of the 100 largest metro areas.
“The housing crash is finally giving way to recovery in an increasing number of markets across the country,” Mark Zandi, chief economist for Moody’s Analytics, told Blommberg. “The decline in unsold listings and vacant homes and the increase in rents presage better times ahead for single-family housing.”
I always give my clients a heads up that chances are they will see a few homes they like and even make a few offers on homes they really want before finally getting an offer accepted by a seller.
One thing a buyer can do to increase their chances of getting the home they like is acting swiftly once I find them a home they like. I tell them every time that I can’t guarantee the home they like will still be on the market by the time they think it over and it is true because by the time they have thought it over they didn’t even get a chance to make an offer. Someone else had already bought the home. Do realize, just because you make an offer and it gets accepted, it doesn’t mean you have to buy the home. There are many contingencies that will allow you to walk away from the offer should it ever come to that. I will talk about that in a future article
Most sellers will wait at least a week after putting their home on the market before making a final decision if they are receiving multiple offers just in case a higher offer comes in. They don’t always do this though because on the offer contract, the seller is given 3 days to respond to the offer or else the contract can be automatically considered withdrawn by the buyer although many times the buyer still wants the home even after the 3 days.
Bidding Wars Are Back, Agents Say
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