MINT HILL, NC – One would think, in a down real estate market, bidding wars and homes selling above list price would be few and far between. However, this is simply not the case. If you think the housing market has cooled off, you’d be right, but if you think that has led to very few bidding wars, you’d be wrong.
Cooler Market Due to COVID-19
We can keep blaming COVID-19 for the cooled-down real estate market, as that’s when it really started. However, that’s not the only reason why the market has cooled down.
Higher interest rates have caused many buyers to wait and many sellers to stay put. This has caused an issue with inventory, which has led to bidding wars still happening and homes still selling above list price.
With fewer sellers willing to give up their historically low mortgage rate, there just isn’t as much housing inventory to choose from for buyers. Couple this with many buyers being priced out of the market with the higher rates and it becomes an inventory issue that leads to bidding wars.
Set Up Your Buying Strategy
One of the things you can do, if you plan to buy in today’s market is set up a good buying strategy. Of course, any good buying strategy includes an experienced local real estate agent. Some of the other things to consider for your buying strategy include:
- Think Locally – Just because the nationwide real estate market shows one thing, doesn’t mean it’s true for your local market. Look at your specific real estate market and base your decisions off your local market.
- Get Pre-Approved Early – It’s always smart to be pre-approved for a mortgage before you start shopping for a new home.
- Save for a Larger Down Payment – Money talks and your down payment can help you win a bidding war.
- Consider Offering Good Terms – Sometimes, it’s not the amount of money offered, but the terms that win the deal.
Along with these helpful tips, you want to hire the right real estate agent and consider homes outside what you might normally consider. With a good home-buying strategy, you can still win in today’s real estate market.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704)650-5707 | email@example.com | www.1stchoicepropertiesinc.com