Should Buyers Make Offers On Multiple Homes At Once
Should Buyers Make Offers On Multiple Homes At Once
Bidding wars are brewing across the country as a limited number of homes for sale has home buyers getting competitive. Indeed, 51 percent of nearly 800 real estate professionals with the Redfin brokerage reported multiple offers as the greatest challenge their home buyers faced in the second quarter.
As such, more buyers are reportedly making offers on more than one house at a time to try to increase the odds of getting an offer accepted.
But some real estate professionals say that isn't a good strategy.
I recommend that clients in this situation take a step back and consider what's most important to them in their next home and how far they're willing to go to get it. That way, they can be in the right mindset to make an offer they feel good about on a home they truly love when it hits the market.
Also, real estate professionals should coach their home sellers that the highest offer is not always the best offer. Sellers need to carefully review with their agents how committed a buyer seems to be about that house and how willing they are to close.
Nearly 40 percent of real estate agents recently surveyed say that the main reason purchase contracts fell through this spring was due to negative or surprising inspection results while 25 percent said buyers simply changed their mind about purchasing the home.
It's not necessarily true that the inspection reveals major issues or that the buyers just got cold feet, It's more that the buyers who are making multiple offers at prices they may not be able to afford just to get an offer accepted often use the inspection as a chance to negotiate significant credits in order to reduce costs. When the seller won't budge, the buyers move on.
Many years of experience, knowing negotiation strategies and knowing how to find off the market listings are just a few ways I can help you avoid the bidding wars and find you the home of your dreams.
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4 TIPS FOR EFFECTIVELY MAKING AN OFFER4 TIPS FOR EFFECTIVELY MAKING AN
"Corey was our realtor for the purchase of our first ever home! He made the process so much easier and I can honestly say that as first time home buyers we wouldn’t have been able to do it without him! He helped us find a lender that walked us through everything in the mortgage process and spent extra time helping us understand how everything works. Corey had a plan and was able to help us see about 25 houses in two days and help us find the home of our dreams on only the second day of searching! Corey and my lender went above and beyond to make sure that we were able to close in about 4 weeks. We couldn’t believe that we were already closing and moving in on August 2nd when we had only really begun the search process in the middle of July! Corey took care of multiple things around the house for us during the move in process, including finding us great deals on contractors to help make our home beautiful. He even stuck around and watched my house for a couple of hours while there was a painter working and cable/internet being installed so I wouldn’t have to leave my house alone! Corey still checks in with us on a weekly basis and continues to help us add value to our home. We are incredibly happy that we already consider ourselves at home in our new house. We owe all of the thanks in the world to Corey and the team he assembled for putting us in the position that we are in. We urge anyone who is a homebuyer, especially a first time homebuyer, to reach out to Corey to represent them as their realtor. We know he will continue to have similar successes with other families because of his dedication to his client’s needs and wants. Thank you Corey for all you have done and continue to do for our family!"