{"id":1063,"date":"2020-08-31T14:07:42","date_gmt":"2020-08-31T14:07:42","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=1063"},"modified":"2020-08-31T14:07:42","modified_gmt":"2020-08-31T14:07:42","slug":"three-ways-win-bidding-war","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/three-ways-win-bidding-war\/","title":{"rendered":"Three Ways to Win in a Bidding War"},"content":{"rendered":"
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Three Ways to Win in a Bidding War<\/p><\/div>\n

With so few houses for sale today and\u00a0low<\/a>\u00a0mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it\u2019s important to get\u00a0pre-approved<\/a>\u00a0before you start your search. This way, you can put your best foot forward \u2013 quickly and efficiently \u2013 if you\u2019re planning to buy a home this season.<\/p>\n

Javier Vivas,\u00a0Director of Economic Research<\/em>\u00a0at\u00a0realtor.com,<\/em>\u00a0explains<\/a>:<\/p>\n

\u201cCOVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the weeks to come.\u201d<\/em><\/p><\/blockquote>\n

Here are three things you can do to make your offer a competitive one when you\u2019re ready to make your move.<\/p>\n

1. Be Ready<\/strong><\/h4>\n

A recent\u00a0survey<\/a>\u00a0shows that\u00a0only 52% of active homebuyers obtained a pre-approval letter before they began their home search.<\/strong>\u00a0That means about half of active buyers missed out on this key part of the process.<\/p>\n

Buyers who are pre-approved are definitely a step ahead when it\u2019s time to make an offer. Having a pre-approval letter indicating you\u2019re a qualified buyer shows sellers you\u2019re serious. It\u2019s often a deciding factor that can tip the scale in your direction if there\u2019s more than one offer on a home. It\u2019s best to contact a mortgage professional to start your pre-approval process early, so you\u2019re in the best position right from the start of your home search.<\/p>\n

2. Present Your Best Offer<\/strong><\/h4>\n

In a highly competitive market, it\u2019s common for sellers to pick a date and time to review all offers on a house at one time. If this is the case, you may not have an opportunity to negotiate back and forth with the sellers. As a matter of fact, the\u00a0National Association of Realtors\u00a0<\/em>(NAR)\u00a0notes<\/a>:<\/p>\n

\u201cNot only are properties selling quickly, but they are also getting more offers. On average, REALTORS\u00ae\u00a0reported nearly three offers per sold property in July 2020<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

Make sure the offer you\u2019re presenting is the best one the sellers receive. A real estate professional can help you make sure your offer is a fair and highly competitive one.<\/p>\n

3. Act Fast<\/strong><\/h4>\n

With\u00a0existing homes<\/a>\u00a0going like hotcakes, there\u2019s no time to waste in the process. NAR\u00a0reports<\/a>\u00a0how the speed of home sales is ramping up:<\/p>\n

\u201cProperties typically remained on the market for\u00a022 days in July<\/strong>, seasonally down from 24 days in June and from 29 days in July 2019.\u00a0Sixty-eight percent of homes<\/strong>\u00a0sold in July 2020 were on the market for\u00a0less than a month<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

In addition, NAR notes:<\/p>\n

\u201cTotal existing-home sales<\/strong>\u2026jumped 24.7% from June<\/strong>\u00a0to a seasonally adjusted annual rate of 5.86 million in July. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019).\u201d<\/em><\/p><\/blockquote>\n

As you can see, the market is gaining steam. For two consecutive months houses have sold very quickly. Essentially, you may not have time to sleep on it or shop around when you find a home you love. Chances are, someone else loves it too. If you take your time, it may not be available when you\u2019re ready to commit.<\/p>\n

Bottom Line<\/strong><\/h3>\n

The housing market is very strong right now, and buyers are scooping up available homes faster than they\u2019re coming to market. If you\u2019re planning to purchase a home this year, let\u2019s connect to discuss the trends in our current area, so you\u2019re ready to compete \u2013\u00a0and win.<\/strong><\/p>\n

 <\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Here are three things you can do to make your offer a competitive one when you\u2019re ready to make your move. Finish Reading Three Ways to Win in a Bidding War<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[223,38,15,241,10,18,27,91,52,40,63,20,12,24,5,48,68,13,47,19,6,17,242],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1063"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1063"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1063\/revisions"}],"predecessor-version":[{"id":1065,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1063\/revisions\/1065"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

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