How to Navigate Multiple Offers When Buying a Home

If you’re thinking of buying a home today, you already know that the number of homes available for sale is low. But what does that mean for you? As a buyer, low housing supply coupled with high buyer demand means you should prepare to navigate a highly competitive market where homes sell fast and get multiple offers.

In a bidding situation like this, doing everything to get ahead of the competition is a wise move. When you find a house and submit an offer, it’ll likely be up against strong offers from other buyers.

An expert real estate professional is key to helping you navigate bidding against multiple offers. They know what’s worked for other buyers, what sellers are looking for, and how to help you prepare when it comes time to make an offer. Here are three tips to keep in mind to help you make the best offer possible.

1. Know Your Numbers

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Pre-approval shows sellers you’re serious, giving you a competitive edge.

You should also know making an offer at the home’s asking price may not be enough. Homes today often sell for more than their listing price. An agent can help you understand the home’s market value and what other homes are selling for in your area.

2. Be Ready To Move Fast

Speed and the pace of sales contribute to today’s competitive housing market. When homes are selling fast, it’s essential to stay on top of the market and be ready to move quickly. Your agent will help you stay up to date on the latest listings and help you put together your best offer as soon as you find the home you want to buy.​

3. Make a Strong but Fair Offer

When you’re up against other offers, putting your best offer forward from the start is critical. Lean on your agent to write a firm offer and use their expertise on which levers you can pull to make your offer as enticing as possible.

One option is to wave some of your contract contingencies (conditions you set that the seller must meet to finalize the purchase). Just remember there are certain contingencies you don’t want to give up, like the home inspection.

Your agent is your best resource for making an offer that stands out in a competitive market. Connect with an agent today to talk through what you can expect as a buyer and how to kick off a successful home search.