How to Avoid Bidding Wars when Buying Real Estate
How to Buy a House Without Getting into Bidding Wars
Today, I received a call from a client who said, “Scotty, I want to buy a house, but I hate bidding wars. I’m not doing them.” I assured them that it was no problem and shared some advice to make the home-buying process more enjoyable without the stress of competing offers. Here are the tips I provided:
Tip #1: Look for Homes on the Market for 10-12 Days or More
When a house is listed at a low price with an offer day, that offer day is typically set for five to nine days after the listing goes live. If a house has been on the market for a while, it’s likely that the seller is accepting offers anytime. This means you can avoid the frenzy of multiple bids and have a more relaxed buying experience.
Tip #2: Communicate with Your Realtor
Reach out to your realtor and ask, “Are they holding offers on this one?” or “Is this listed low, or are they accepting offers anytime?” Your realtor can provide valuable insights into the seller’s strategy and help you identify properties where you won’t have to compete with other buyers.
Tip #3: Track Days on Market and Budget Wisely
If your budget is set at a certain amount, keep an eye on properties that have been on the market for 20, 30, or even 60 days. Sometimes, a house listed for $25,000 or $50,000 above your budget might still be within reach. Sellers of homes that have been on the market for a while may be more willing to negotiate on price and conditions, giving you a better chance to buy within your budget without the stress of a bidding war.
Ready to buy a house without the stress of bidding wars? Follow these simple tips to make your home-buying journey smoother and more enjoyable. Look for homes that have been on the market for over 10 days, communicate with your realtor about offer strategies, and track properties that have been listed for a while to find great deals within your budget. By being strategic, you can avoid the frenzy of multiple bids and negotiate better terms. Start your search today and find your dream home without the hassle! Happy house hunting! š”
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