Today’s housing market is very competitive, in part because housing inventory is at historic lows. Because of that, we’ve been seeing a lot more multiple offer situations recently. Almost half of the homes that go on the market, especially the ones priced under $200,000, get more than one offer. In fact many of those will get 4 or 5 or more offers at one time. This means that things are happening at a fast pace. Offers are put in on houses very quickly, sometimes within just one day. Once that offer is accepted, closing can happen within 30 to 40 days.
Here at Realty One, our team of experienced Realtors can help you navigate the home buying situation to help you get the house you want, even when there are multiple offers on the table. There are many advantages to using a Realtor to help you during the buying process, and for situations with multiple offers those benefits are even more important.
- A Realtor has an understanding of the current market and the average amount of days homes are on the market, which can help buyers determine the urgency with which to present an offer.
- We have a knowledge of the average amount being negotiated off a home’s list price, which is known as the close price to list price ratio. On the flip side, we also know if offers are being made on homes higher than the list price. The more you understand the market data, the better prepared you’ll be to make a good offer, and Realtors can help with that.
- Realtors also have access to MLS data and are able to interpret the market data and local trends to know what offer terms are attractive to area sellers and help you negotiate to win the home.
Having a Realtor on your side will help you make the very best offer possible the first time around, which is important in a multiple buyer situation. We like to tell our clients the safest thing is not to assume you’ll get a counter offer. If you want a good chance at a house with multiple offers on the table, make your best offer right away. This applies not just to the amount of money you offer to pay for the house, but other factors as well.
We often advise buyers to negotiate a short due diligence period, or maybe none at all, for sellers who want things to move along quickly. The fewer concessions you ask for the more likely your offer will be the one accepted. And while some buyers are able to offer cash, most of us are depending on a lender to help close the deal. It’s a good idea to get pre-qualified for a loan before making an offer. This is a process where the bank will approve you for a loan by looking at bank statements, W2 forms and verifying your employment. Make sure not to get this confused with pre-approval, which sounds similar but is really just verifying your credit score.
If you’re looking for a home in Winston-Salem or the surrounding area, contact our team at Realty One today. We can help guide you through the process to find the home of your dreams, even in this exciting market where good homes are selling as quick as they hit the listing books.