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How to Beat the Competition as a Buyer in a Bidding War

Reopening businesses and all-time low interest rates have driven many buyers back to the market. In fact, soaring buyer demand is largely driving the US economy—but it’s also driving down the housing stock. Low inventory and high demand is good for the market, but not so great if you want to beat the competition as a buyer.

Tricks to Stand Out and Beat the Competition as a Buyer

a buyer signing a loan

In a hot sellers’ market like we’re now experiencing in the Triangle, buyers stand to face a lot of competition. The result of buyer competition could potentially be a bidding war—and rising prices. In fact, the recent Realtors Confidence Index (RCI) survey released by the National Association of Realtors showed that there were an average of three offers on a home that closed in May, up from 2.3 in May 2019.

So, since you might face increased competition, how do you stand out from the crowd?

Get preapproved for a mortgage

buyers getting preapproved for a loan

One of the best things you can do for yourself as a buyer in a competitive market is to get preapproved for a loan. Preapproval shows sellers that you’re serious about buying, and that you have a bank willing to back your offer.

Preapproval additionally helps to expedite the closing process, since you’ve already completed your application and started to turn in required paperwork and documentation. It also offers sellers more confidence in your ability to procure a loan than a buyer who hasn’t started talking to lenders yet.

Hire a trusted local expert

buyers touring a home

Possibly the single best thing you can do for yourself is to find a trusted and local real estate professional to help you through the process. Remember, we’re not in a normal market. We are in the midst of an unprecedented health crisis, so there are a lot of unknowns out there.

Now more than ever, it’s important to enlist the help of someone who knows the Triangle, who understands the trends of real estate, and who knows and networks with other agents in the area.

Thinking of Buying a Home in the Triangle?

Are you thinking about buying a home in the Triangle area? Linda Craft & Team is here to help! Contact us today at 919-235-0007 to learn more about how we can put our 350+ years of combined experience to work to find you the perfect home in just the right spot.

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