Oct 02, 2013
The Wake County real estate market has become increasingly competitive for interested home buyers.
It used to be that home buyers could get whatever home they wanted for whatever price they wanted because there was such a surplus of homes for sale and such a shortage of interested and qualified buyers.
But those circumstances are increasingly becoming a thing of the past. Now, bidding wars are becoming increasingly commonplace!
Today, I’m going to tell you how you can prepare yourself to win a bidding war on the Wake County real estate market.
Navigating a Bidding War in Wake County, NC
Here are several ways that you can prepare yourself for successfully navigating a bidding war on the Wake County real estate market:
- Work with cash if possible. Right now, investors are buying homes outright by bringing cash to the table. Most sellers will tell you they prefer cash because it’s less hoops to jump through before closing and less uncertainty. So bring as much cash to the table as possible to appeal to the seller.
- Get pre approved. Unless you’re independently wealthy, you will probably be taking out some kind of loan to finance your house. By getting a bank’s pre approval before you ever make an offer on your home, you’re communicating to the seller that you’re serious about purchasing a home.
- Make a 20 percent down payment. Any less, and you may be at risk of losing out on a home to an all cash offer.
- Organize your paperwork ahead of time. That includes papers that show proof of income as well as bank statements and a pre approval letter. That way you’re not scrambling around looking for these documents, which will instill confidence in the seller.
- Skip the lowball offers. In a bidding war, there’s less time and room for negotiations because another prospective buyer is right on your heels. So make your best offer first. If they accept, great. If not, you’ll know you did the best you could and that will free you up to continue searching for your next home.
- Work with the seller as much as possible. That means that if they want to have the closing on a certain date, do whatever you can to accommodate that need. By being flexible and accommodating, you’re starting out on the right foot with the seller, which will carry you far.
Helping You Purchase a Wake County Home
If you’re interested in purchasing a Wake County home anytime soon, please contact me, Rachel Kendall, and my team of Wake County REALTORS® today.
Until next time,