It’s a sight that has become increasingly common on the Wake County real estate market: a home for sale receives multiple offers from buyers, resulting in the sales price being higher than the original list price.
These market conditions are caused by a variety of factors:
- Pent-up home buyer demand does not meet the available supply of homes
- Wake County is a desirable place to live across the board, winning accolades from such publications as Forbes and the Wall Street Journal
For buyers, this is a frustrating trend because it means that even if they make a full price offer, they could still lose out on their dream home to someone willing to pay more, or willing to pay the same price but with cash.
So I’m starting a new series that’s all about helping you win your dream home in a bidding war – and without having to pay too much!
First, Let’s Look at the Facts
Before you ever enter the Wake County housing market, it’s important for you to understand these two things:
Homes for Sale in the Greater Raleigh Area are marketed to thousands of home buyers and Realtors every day. This means that there is a very good chance that if the home is well-priced, in good condition and in a good location, it will receive multiple offers. Sometimes there’s a lot of confusion about how offers are presented to home sellers. Thus, it behooves you to be well prepared to compete and win before you ever enter the market.
Second, it’s very common for home buyers to become intimidated by a multiple offer scenario and back out. This happens for a number of reasons, including the buyer’s fear that they will pay too much and that they will not have what it takes to compete. But if you back out, you’re missing out on a great opportunity to win the home of your dreams. Thus, it’s important to push those fears to the side and try to remain as objective as possible during negotiations. A clear head will benefit you immensely. After all, you know what fear stands for right? False Evidence Appearing Real.
Remember: Regardless of the price that you and the seller settle on, it still has to appraise before a bank. If it doesn’t, you can always request that the seller reduce the price to the appraised value or else you can walk away. The home also still has to pass inspections and such. So don’t be afraid that a multiple-offers scenario is going to rush you through the home buying process. You’ll still have a due diligence period to fully vet the home.
Helping You Buy Your Next Wake County Dream Home
Over the next several weeks, I’m going to provide 10 tips for how you can win a multiple offer without paying too much.
I look forward to sharing this valuable information with you, which will help you get the home of your dreams.
Until next time,