05/04/2022
Things That Could Help You Win a Bidding War on a Home
According to the latest report from NAR, nationwide, homes are getting an average of 4.8 offers per sale. In this type of competitive housing market, it’s important to know what levers you can pull to help you beat the competition.
>>Offering over Asking Price
When you think of sweetening the deal for sellers, the first thought you likely have is around the price of the home. You just want to make sure your offer is still within your budget and realistic for the market value in our area.
>> Putting Down a Bigger Earnest Money Deposit
An EMD is a check you write to go along with your offer. If your offer is accepted, this deposit is credited toward your home purchase. NerdWallet explains, “A typical earnest money deposit is 1% to 2% of the home’s purchase price, but the amount varies by location. A higher earnest money deposit may catch a seller’s...
With a limited number of homes for sale today and so many buyers looking to make a purchase before mortgage rates rise further, bidding wars are common. According to the latest report from the National Association of Realtors (NAR), nationwide, homes are getting an average of 4.8 offers per sale. He...