Low inventory and even lower mortgage rates have caused the Triangle’s hot real estate market to become increasingly competitive. As a buyer, that means you’ll need to do even more to stand out, particularly if a home has multiple offers.
We’ve narrowed down the top three ways to beat out other buyers in a bidding war—and it doesn’t just involve having the highest offer.
How Buyers Can Get Their Offer Accepted in a Bidding War
When it comes to buying a home in Raleigh, it’s not uncommon to encounter a multi-offer scenario. Unfortunately, bidding wars tend to drive up prices and leave the losing buyers feeling more than a little discouraged. Here are a few steps you can take ahead of time to stand out from the competition and get your offer accepted.
Be ready to make an offer
Perhaps the most important thing you can do to present yourself as a serious buyer is to get pre-approved for your mortgage. When a seller sees that you’ve been cleared for a loan by your lender, they may be more inclined to accept your offer.
Believe it or not, only 52% of active homebuyers obtain a pre-approval letter before beginning their home search. So by getting pre-approved, you’ll gain a leg up on a significant portion of your competitors.
Present your best offer upfront
In a highly aggressive market like the Triangle, it’s not uncommon for sellers to pick a date and time to review all offers at once. If this is the case, you may not have the opportunity to negotiate back and forth. And according to a recent study by the National Association of Realtors, the average sold home in summer of 2020 had at least three offers.
If you find a property you really love, it’s best to offer your absolute maximum up front. You may also want to drop some contingencies or be flexible with your closing date to appeal to the sellers.
Not sure how to craft a competitive offer? Your agent will handle all the details for you, and they can also answer any questions.
Act fast
Today’s average listing only stays on the market for 22 days—that’s seasonally down from 24 days in June and 29 days in July 2019. Because a vast majority of properties are only listed for a month, you may not have time to sleep on it or shop around when you find a home you love.
While it’s important to take your time with such a major financial decision, working with an agent is the easiest way to stay on top of listings as soon as they go live. You can also ask your agent about coming soon or pre-MLS listings that other buyers may not know about.
Need Help Standing Out as a Buyer?
When it comes to buying a home in the Raleigh area, only work with the best! Linda Craft & Team has over 350 years of combined experience, and we’re dedicated to helping you win your next bidding war. Give us a call at 919-235-0007 for more information or check out our exclusive buyer resources. We can even help you sell your current home, too.