Homes are selling in Hamilton County! Inventory is down, properties are spending fewer days on the market, and sales prices are on the rise. Good homes are selling in a matter of days.
That's all great news for the Hamilton County real estate market, but it also means that home buyers are finding themselves facing a challenge that's been unheard of for the last few years - multiple offer situations.
Here are some tips for how to handle a multiple offer situation and score the Hamilton County house of your dreams!
- Keep your cool. Don't cave in to pressure to make an offer just because someone else is. Make an offer only when you are ready, and only make an offer you are comfortable with.
- Seek approval. Get pre-approved for a loan and include a copy of your pre-approval letter with your offer. This will help prove that you are a serious and qualified buyer.
- Do your homework. Before placing a bid, be sure to have your agent prepare a Comparative Market Analysis to figure out what the house is actually worth. You don't want to overpay for a house because you got caught up in the competition of a bidding war. Also determine how much you are willing to spend and stick to it.
- Be crafty. You don't necessarily have to make your highest offer right away. Sometimes an uneven offer price such as $251,000 instead of $250,000 will stand out from the others, and it may just beat an offer that came in at a slightly lower figure with an even bid.
- Make things simple. The fewer contingencies and stipulations on your offer, the better the chance you have of winning a bidding war. Try to accomodate the seller on points like closing date, and possession date.
- Take a deep breath. If the bidding war is stressing you out, take a moment to reassess if the home really has everything you want and need. There may be other homes out there that meet your needs and don't come with the anxiety of mulitple offers.