{"id":1283,"date":"2020-11-23T16:20:20","date_gmt":"2020-11-23T16:20:20","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1283"},"modified":"2020-11-23T16:20:20","modified_gmt":"2020-11-23T16:20:20","slug":"dont-let-buyer-competition-keep-purchasing-home","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/dont-let-buyer-competition-keep-purchasing-home\/","title":{"rendered":"Don\u2019t Let Buyer Competition Keep You from Purchasing a Home"},"content":{"rendered":"
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Don\u2019t Let Buyer Competition Keep You from Purchasing a Home<\/p><\/div>\n

This year\u2019s record-low mortgage rates sparked high demand among homebuyers. Current homeowners, however, haven\u2019t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here\u2019s why.\u00a0<\/strong><\/p>\n

According to the most recent\u00a0Housing Trends Report<\/em><\/a>\u00a0from the\u00a0National Association of Home Builders\u00a0<\/em>(NAHB):<\/p>\n

\u201cThe length of time spent searching for a home continues to grow.\u201d<\/em><\/p><\/blockquote>\n

The report indicates that\u00a062% of buyers now spend 3 months or more looking for a home,\u00a0<\/strong>an increase from 58% one year ago.<\/strong>\u00a0A primary cause for the delay is the heavy competition today\u2019s buyers face when making an offer on a home. Based on recent\u00a0data<\/a>\u00a0from the\u00a0National Association of Realtors\u00a0<\/em>(NAR), the average house in today\u2019s market receives\u00a03.4 offers<\/strong>\u00a0before it\u2019s sold. This means for every buyer who purchases a home, there are on average two or three buyers who have to begin their search all over again.<\/p>\n

Compared to this time last year, the NAHB report shows that buyers are having more success finding homes in their\u00a0price<\/a>\u00a0range. However, it also notes the percentage of buyers saying they\u2019re getting\u00a0outbid when they make an offer has jumped from 15% to 27%.<\/strong>\u00a0Buyers are indicating that\u00a0bidding wars<\/a>\u00a0are a major obstacle to finding their dream home\u00a0(See graph below):<\/em><\/p>\n

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Top Reasons Buyers Active for Over Months Have Not Been Successful<\/p><\/div>\n

If this is a challenge you\u2019re up against in your home search, you\u2019re not alone. Feeling stuck in the process can be frustrating, but if there\u2019s ever been a year to power through, this is the one. NAHB noted:<\/p>\n

\u201cDifficulties finding a home to buy will likely lead 20% of active buyers to give up until next year or later. That share is up from 15% a year earlier.\u201d<\/em><\/p><\/blockquote>\n

Experts anticipate home prices will continue to\u00a0rise<\/a>\u00a0into 2021, and the incredibly low interest rates we\u2019ve seen this year are also forecasted to\u00a0increase<\/a>\u00a0as the economy strengthens. Hopeful homebuyers who decide to hold off on their search until there\u2019s less competition run the risk of finding a more expensive housing market when they start looking again. If affordability is a key motivator behind your decision to buy a home, this winter is still the best time to make it happen.<\/p>\n

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

Bidding wars may be one of the greatest challenges buyers face in today\u2019s housing market, but they shouldn\u2019t be a deal-breaker. Having the right expert on your side throughout the buying process will give you the advantage you need when it comes to finding the right home and making a competitive offer. If you\u2019re ready to buy this winter, let\u2019s connect to discuss how to position yourself for success.<\/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

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/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":"

Bidding wars may be one of the greatest challenges buyers face in today\u2019s housing market, but they shouldn\u2019t be a deal-breaker. Finish Reading Don\u2019t Let Buyer Competition Keep You from Purchasing a Home<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36,69],"tags":[223,285,38,10,16,52,49,42,23,116,280,63,20,24,48,13,54,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1283"}],"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=1283"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1283\/revisions"}],"predecessor-version":[{"id":1286,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1283\/revisions\/1286"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}