If you've been looking to purchase a house you have probably noticed that the supply of homes is low but there are plenty of other buyers like you that are also looking. You may have even made offers on some homes only to be outbid by the competition. Frustrating, yes. Hopeless, NO.
I get it. No one really likes to overpay for anything. But here are a few things to keep in mind when there are multiple offers.
1. Prices are still going up so make the offer your highest & best! The value will catch up very quickly and if you plan to be in the house for a number of years you will make it back.
2. Be prepared - Get pre-approved by a qualified lender for a mortgage!
3. Move quickly. Many homes get multiple offers within days.
3. It's not always about price. The terms of the offer may be just as important to the seller. Do they need more time to move? Is the inspection time too long? What will you do if the property does not appraise?
4. Select the right agent. An agent that understands trends and statistics and knows the market can be the key to your success.