Making Your Offer Stand Out in a Bidding War

Making Your Offer Stand Out in a Bidding War

Make no mistake about it.  It’s a seller’s market.  In July 2020, there was an average of nearly three offers per house sold, and 68% of homes were on the market for less than a month, according to the National Association of Realtors (NAR).   The current combination of low inventory, coupled with all-time-low mortgage rates makes this an ideal time to sell your home.

 

But what if you’re  in the market to BUY a home?  “With multiple-offer scenarios becoming the norm rather than the exception, it’s important to make sure that you present an attractive and competitive offer to ensure you don’t miss out on your dream home,” advises Beth Albanese, sales associate with ERA Justin Realty.

 

So what makes some offers stand out from the rest?   Here’s four things you can do to make a solid and competitive offer.  

 

Get Pre-Approved

Buyers who are pre-approved are a step ahead of those who aren’t. “Having a pre-approval letter shows a seller you’re serious AND qualified,” says Beth.  “This can definitely tip the scales in your favor with a seller.”  But according to a recent survey* only 52% of active homebuyers obtained a pre-approval letter BEFORE they began searching for a home.  

 

Present Your Best Offer

This is not the time to negotiate or come in under asking price. A buyer considering multiple offers will most likely eliminate these.  Rather, work with a trusted real estate professional who can provide insight into what the bid trends and final sale prices are in your area, and will use that information along with your budget to help you determine your best offer.

Be Ready to Act Quickly

If you really love the home, chances are that someone else does too.  “With houses selling faster than ever, you may not have much time to think about it, and it’s important to make sure your bid is in on time to be considered,” Beth advises.

 

Work with a Trusted Real Estate Professional

ERA Justin Realty has been the Rutherford market leader in closed sales for 19 consecutive years.  If you’re looking to purchase a home this fall and need expert guidance to make the best offer possible, contact Beth or any of our knowledgeable REALTORS at 201-939-7500.