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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.

Tagged With: First Time Home Buyers, For Buyers, Infographics, Move-Up Buyers

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About Me

I help homeowners sell their existing home and shift into a home more suitable to their needs in the North Metro Atlanta area (specifically around Cumming, Canton, & Milton). Read More…

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