Although home prices and inventories are inching up, bidding wars remain common. Redfin reports that 69 percent of listings received multiple offers in June, up from 64 percent a year ago and 50 percent two years ago but down from 76 percent in this past March. Some agents have seen more bidding wars this year than during their entire careers. Pent-up demand, a strengthening economy, still-low mortgage rates, and a jump in investor purchases have fueled the phenomenon; but experts say markets could begin to cool as mortgage rates rise. Buyers who want to win bidding wars without overpaying must keep abreast of neighborhood sales activity, avoid low-ball offers, calculate how high they are willing to go, and stick with their “walkaway number.” They also should be flexible on closing dates and other terms, be willing to act as soon as they find a house they want to buy, get prequalified for a mortgage, and have a plan for dealing with a low appraisal. Additionally, buyers should be willing to act as a backup in the event that another buyer walks away from a deal; and they should connect with sellers on a personal level through introductory letters, which can help them stand out from the competition when accompanied by a serious offer. | Read More
Recent Posts
- The New Raw Uses 3D Printing To Create Sculptural, Multifunctional Furniture
- Knowing the Ropes Explores the Textile Through a New Lens
- The Woodio Block Takes the Throne as World’s First 100% Wood Composite Toilet
- The New PK4™ Lounge Chair + Upholstered Ant™ Chair Come Home to Fritz Hansen
- How To Save Energy in Your Home With Smart Plugs
Archives
Categories
- Decor (2,042)
- Energy Saving Tips (15)
- Green Design (22)
- Greening Tips (1,122)
- Home Improvement (1,674)
- Home Remodeling (16)
- Home Security (10)
- Homeowners News (1,265)
- Homeowners News;Top Story (3)
- Housing and Mortgage Trends (713)
- Insurance (1)
- Maintenance and Repair (10)
- Safety (4)
- Smart Home Tech (1,162)
- Top Story (106)