Tips For Navigating Multiple Offers As A Buyer
Posted Jul 9th 2021
The housing market is very hot right now, and multiple offers are coming in, which can be frustrating for buyers. This is a tough situation to deal with because it can feel discouraging, but there are ways to navigate this process, and the following strategies will help in this regard:
Arm Yourself With Knowledge
You need to be aware of the market so that you are not overwhelmed by the fact that it is currently a seller’s market. Realtors need to help their clients understand why multiple offers are coming so that they are aware of inventory shortages, the high demand, and the historically low mortgage rates that are currently being offered. This will allow them to have a better idea of the situation, so clients will not be blindsided when they come across a multiple offer scenario.
Make Sure Your Finances Are In Order
You need to know what you can afford so that you can make offers on homes that are within your budget. Assuming is not an option because the market is very hot at the moment, so there is no room for guessing, and you need to know exactly how much you can afford. This will allow you to place offers accordingly, and you would know what your mortgage payments would be, so get your hands on a pre-approval; otherwise, you will fall behind other buyers who are better prepared.
Leave Your Emotions Out
The process of buying a home can be very stressful, and becoming emotionally tied to a house can make matters worse, so make sure you are realistic and look only at houses you can actually afford. Getting emotionally tied to a house that is outside your budget will weigh you down because other bids will be higher than yours, so focus on homes you can afford, as this will allow you to win.
Place Your Offers Wisely
Remember that you are in a sellers’ market, so a low offer will not get you very far. Some sellers may even find this to be insulting and will not wish to go forward with negotiations. It is a must that you submit the highest and best offer you can afford so that you have a chance against all of the other offers. A lot of buyers are offering above the asking price because of how hot the market is at the moment, so this is something you need to keep in mind because anything lower than the asking price will probably not be considered.
The buyer’s agent and the listing agent must communicate because this is the only way you will have an edge to win the bidding war. You can ask the listing agent different questions like what is most important to the seller to show that you are cooperative and willing to work together.
The Baird Team will guide you through this process, and our realtors will help you buy the home you are after. We have access to all of the homes for sale in the Clarington and Oshawa areas, so if you want to work with top real estate agents, contact us today!