Home Bidding Wars: How to Get an Edge on the Competition
As we all know, the housing market is always changing. According to a report from CNBC, the market could be shifting sooner than we thought. With less inventory, bidding wars are more likely to occur.
Synergy Realty Networks wants to help you get an edge on the competition. Here are a few tips to make the very best bid.
Gauge the Market
A great first step in the bidding war is to gauge the local housing market, according to Bankrate. Talk to your realtor and find out if the market is hot or cold at that particular time. That could determine where to come in with your bid. Your agent will also pull comps to see what nearby, similar homes are selling — and at what price.
Do you have a deeply personal reason for wanting the home you’re bidding for? We suggest writing a letter to the sellers and truly opening up about the personal reasons. Don’t just write a love letter about the vaulted ceilings, luxurious master bathroom or the in-home library, tell them what that means to you.
Some agents also suggest learning as much as possible about the sellers. While we won’t go as far as to tell you to research them on LinkedIn, we do suggest learning why they are selling. Also, make note of how long the house has been on the market and if the seller has already moved out. This could determine your price, as well.
Talk With Your Agent
Your Synergy agent is well-trained in this area. They know how much a home is worth, how much is too much and have ideas that can give you an edge over other sellers. Always discuss this with them and get their tips and opinions to help.
Watch the entire video from CNBC here.