North Texas Real Estate Bidding Wars
More and more often buyers and sellers are finding themselves in multiple offer situations here in North Texas. The principles of supply and demand come in to play when it comes to the housing market. There is a large number of buyers (especially between $250,000-$350,000) and a limited supply of homes on the market. This has lead to buyers who are willing to pay over asking price, and over appraised value in some instances.
Tips for buyers in multiple offer situations
- Get pre-approved for a mortgage
- Interview a Realtor® to represent you. Buying a home is potentially one of the largest investments you’ll make. Ensure you are good hands and working with a competent professional. Don’t just work with someone because they are a friend or family member.
- Understand that time is of the essence when submitting your offer. With the right urgency, you can avoid a multiple offer situation altogether. The longer you negotiate back and forth the more opportunity there is to have another buyer make an offer on the home you want.
Interview tips for sellers
- Understand the importance of having the right pricing strategy. Yes, buyers are paying over asking price in some situations, but that doesn’t mean you can ask an astronomical amount for your home. A competent Realtor® will provide a detailed market analysis on your home and determine the most effective pricing strategy for your home and your neighborhood.
- Ask about their marketing strategy. There is a surplus of buyers in the market, and it still takes an effective marketing strategy to get maximum exposure for your home. Be confident that their marketing delivers as much quality content in front of as many qualified buyers as possible!
- Examine their track record. Make sure they know how to effectively negotiate on your behalf, and that they fully understand the terms of the contract. Don’t be scared to ask for references from past clients. Sometimes the highest offer price is the best contract for you as a seller. Ask about past sales, have they seen multiple offer situations, etc…
If you are considering buying or selling your home I am happy to assist. I have been on the buying and selling side of multiple offer situations and understand the complexities of each scenario. If you are a seller I can provide a free Comparative Market Analysis for your home, discuss an effective pricing strategy, and go over my 45 Point Marketing Strategy. If you are a buyer I would love to walk you through The Home Buying Process to ensure your home buying experience is smooth and stress free!
Contact me today! Cory@CoryMeals.com
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