We chat with a Master Blackbelt Lean six sigma, process improvement professional.
Here are 5 things someone can do…
…to improve their chances when bidding for a home to purchase in today’s real estate market:
- Get pre-approved for a mortgage: This is one of the most important things you can do when buying a home in a competitive market. A pre-approval shows sellers that you are a serious buyer who has already been approved for a loan. This can make your offer more attractive and increase your chances of winning a bidding war.
- Work with a good real estate agent: A knowledgeable and experienced real estate agent can help you navigate the competitive market and find homes that meet your needs. They can also provide valuable advice on making competitive offers and negotiating with sellers.
- Offer a higher price: In a competitive market, offering a higher price than the asking price can make your offer more attractive to sellers. However, be careful not to overextend yourself financially and make sure you have a clear understanding of the home’s value before making a higher offer.
- Be flexible with your closing timeline: Offering a flexible closing timeline can make your offer more attractive to sellers who may be looking to close quickly or who need more time to find a new home themselves.
- Write a personal letter to the seller: In some cases, writing a personal letter to the seller can help you stand out from other buyers and make an emotional connection with the seller. In your letter, explain why you love the home and why it would be a good fit for you and your family.
- “10 Tips for Winning a Bidding War in a Hot Housing Market” by Terri Williams, Realtor.com, https://www.realtor.com/advice/buy/tips-winning-bidding-war-hot-housing-market/
- “How to Win a Bidding War When Buying a Home” by Margaret Heidenry, Realtor.com, https://www.realtor.com/advice/buy/how-to-win-a-bidding-war-when-buying-a-home/
- “8 Tips for Winning a Bidding War on a House” by Devon Thorsby, U.S. News & World Report, https://realestate.usnews.com/real-estate/articles/tips-for-winning-a-bidding-war-on-a-house