It is no secret that there are fewer homes available for sale than buyers interested in purchasing them. What does this truly mean for someone hoping to purchase a home in 2022? The low housing supply paired with high demand means that all buyers should be well aware that they will be competing with several other buyers in a market where homes are selling fast and seeing more than one offer.
Multiple offers on homes have become the new normal in the real estate market
Homebuyers today need to be aware of the fact that it is a given that any home they may be interested in purchasing will more than likely have several different offers in addition to their own. In fact, it now becomes unlikely or very uncommon that a home receives only one offer.
The new normal is to be part of a bidding war situation. Buyers need to be well aware and prepared with everything they can to present a strong offer on a home knowing that there are going to be at the very least one or two more offers made on the same property. The National Association of Realtors has compiled its latest realtor’s confidence index and it has shown that currently, homes are receiving an average of 3.9 offers.
Here are some of the key factors that buyers should be aware of in operating a real estate market where multiple offers are the new normal
Knowing numbers is key
Buyers need to have more knowledge under their belt to be prepared for multiple offer situations on pretty much any home they hope to purchase. It is a great strategy to come into the buying market knowing exactly what your budget is and what number you should absolutely not go above to be able to afford a home and comfortably live everyday life with your payment.
The best preparation you can do is to work with a lender and seek preapproval for a loan. This helps to let homeowners know that you have a solid standing in your financial situation and are a strong-fit competitor and that your offer is backed up with proof.
Being confident and ready to move fast is important
Homes are flying off the market. Some homes are receiving offers the very second that they become live on the MLS. It is a good idea to be strong and confident knowing not only your finances but exactly what type of home and what location you want to purchase a home in. Being confident in these factors and knowing what it is you are looking for will enable you to make quick decisions in putting in an offer without regretting it.
Know how to make a strong and fair offer
Right now, working with an expert local real estate agent is key for putting together the best and most appealing offer that stands out in the crowd. The one offer that becomes the most appealing to a homeowner and is the one that gets chosen above all the others.
There are several factors that go into making a strong offer on a property including some tricks of the trade to help your offer stand out amongst others on a particular property. Working with a real estate agent that is already navigating this multiple offer market will help you to compile a successful and strong offer.
For more information on purchasing a home in St. George and surrounding areas please contact me anytime.
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