Tami Savage, Realtor

Florida Real Estate

How to Prepare for a Bidding War [INFOGRAPHIC]

By Tami Savage

How to Prepare for a Bidding War. 55% of August 2020 home sales resulted in a bidding war. AND 69% of homes sold were on the market for less than a month. With so few houses available today, competition is heating up among homebuyers. Be ready for a bidding war with these 3 tips. (1) 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 propsective homebuyers plan to apply for pre-approval when beginning their home search. Pre-approval helps you stand out as a qualified buyer. (2) Know What You Can Afford. Be prepared to cover mortgage expenses beyond your mortgage, like general upkeep, utitilities, and other unexpected repairs. Pro Tip: Getting serious about your budget now means you'll have more money for a down payment and a clear idea on your maximum offer price. (3) Make Your Best Offer. On average, there were over 3 offers for every home 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, or Minimal Contingencies. Being prepared means you'll be able to move quickly and confidently in today's competitve market. Sources: NASDAQ, National Association of Realtors, Bank of America, Realtor.com

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.

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