Our Top Tips for Navigating Multiple Offer Situations

Wilmington Real Estate Podcast with Andy Richardson

If you are a homebuyer, you have probably noticed that the market is very competitive in certain price points. How can you get the home that you want when competing against multiple offers?

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Certain price points in our area have extremely competitive markets. There are more buyers than there are homes for sale, and demand is simply outpacing supply. Whenever that happens, we start to see multiple offers on homes.
If you are a homebuyer competing with other buyers for a property, there are a couple of things you can do to get the home.
First, you need to make sure that you work with an agent to represent you throughout the process. Why? There are more than 80 variables in the home buying process and if any one of them is mishandled, it can end up costing you thousands of dollars. You may even lose out on your dream house. So, it’s incredibly important that you have an expert agent representing you.
In a multiple offer situation, the key is to make sure that you do not overpay for the home. Make the offer you are comfortable with. Pick a number that won’t make you kick yourself if you lose out on the property and won’t give you buyer’s remorse if you do get the home.

Make sure that you do not overpay for the home.

It’s also important to submit your best offer right from the start. In multiple offer situations, you will not get a chance to submit a counteroffer. Include the best terms you can because sometimes the seller may be looking for certain terms.
Ultimately, a good buyer’s specialist can get you the home you want for the price you are willing to pay and the terms that you desire. If you have any other questions about how to navigate this competitive market, give us a call or send us an email. We would be happy to help you!