How to Prepare for a Bidding War [INFOGRAPHIC]

October 16, 2020 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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