{"id":942,"date":"2020-07-13T20:12:24","date_gmt":"2020-07-13T20:12:24","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=942"},"modified":"2020-07-13T20:12:24","modified_gmt":"2020-07-13T20:12:24","slug":"buyers-ready-bidding-war","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/buyers-ready-bidding-war\/","title":{"rendered":"Buyers: Are You Ready for a Bidding War?"},"content":{"rendered":"
\"\"

Buyers: Are You Ready for a Bidding War?<\/p><\/div>\n

With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic\u00a0recovery<\/a>, more homebuyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right\u00a0now<\/a>, there\u2019s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale,\u00a0Chief Economist<\/em>\u00a0at\u00a0realtor.com\u00a0<\/em>explains<\/a>:<\/p>\n

\u201cPeople are surprised that prices are rising, not falling, because in the last\u00a0<\/em>recession<\/em><\/a>\u00a0home prices fell, the difference this time is the severe shortage of homes for sale\u2026We are seeing bigger price increases with [a limited] number of homes\u2026That is likely to lead to more competition and potentially multiple offers and bidding wars.\u201d<\/em><\/p><\/blockquote>\n

According to the recent\u00a0Realtors Confidence Index<\/em>\u00a0(RCI)\u00a0survey<\/a>\u00a0conducted by the National Association of Realtors (NAR), this trend is growing:<\/p>\n

\u201cOn average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).\u201d<\/em><\/p><\/blockquote>\n

HousingWire<\/em>\u00a0also\u00a0indicates<\/a>:<\/p>\n

\u201c42% of homeowners who made a purchase during the January to May time period ended up in a bidding war, demonstrating the strong\u00a0demand for homes\u00a0amid low inventory.\u201d<\/em><\/p><\/blockquote>\n

With more people returning to work we\u2019ll continue to see the number of interested buyers increase. So, if you\u2019re among the many people looking for a home to buy this summer, it\u2019s important to ensure you have the right guidance from the start. This way, you make sure your offer stands out from the crowd when it really counts. Here are two tips to follow.<\/p>\n

1. Hire a Trusted Local Expert<\/strong><\/h4>\n

A trusted local real estate professional matters more than ever right now, as noted in a recent\u00a0survey<\/a>\u00a0shared by NAR. In fact, according to respondents, 54% of buyers and 62% of sellers indicated that\u00a0\u201cParticularly during the pandemic, a real estate agent\u2019s guidance is especially valued.\u201d<\/em><\/p>\n

We\u2019re not in a normal market. We are in one of the greatest health crises our nation has ever seen. The pandemic has had a dramatic impact on the journey consumers must take to purchase a home. To successfully navigate the landscape today, you need a true\u00a0expert<\/a>\u00a0on your side.<\/p>\n

2. Get Pre-Approved for a Mortgage<\/strong><\/h4>\n

When there are more buyers than sellers on the market, the process to find a home becomes much more challenging. One way to show you\u2019re serious about buying a home is to work with a lender to get\u00a0pre-approved<\/a>\u00a0for a mortgage before starting your search. With a pre-approval letter, sellers will see your true desire to buy this year, potentially helping your offer rise to the top.<\/p>\n

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

If this is the year you\u2019re ready to buy, let\u2019s connect to get the process started so you can make sure your offer is a strong one when the competition heats up.<\/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

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":"

Real Estate Market Finish Reading Buyers: Are You Ready for 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":[69],"tags":[223,38,15,18,27,86,52,9,49,42,23,20,48,47,19,6,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/942"}],"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=942"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/942\/revisions"}],"predecessor-version":[{"id":944,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/942\/revisions\/944"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}