Things That Could Help You Win a Bidding War on a Home

According to the latest report from NAR, nationwide, homes are getting an average of 4.8 offers per sale. In this type of competitive housing market, it’s important to know what levers you can pull to help you beat the competition.

Offering over Asking Price
When you think of sweetening the deal for sellers, the first thought you likely have is around the price of the home. You just want to make sure your offer is still within your budget and realistic for the market value in our area.

Putting Down a Bigger Earnest Money Deposit
An EMD is a check you write to go along with your offer. If your offer is accepted, this deposit is credited toward your home purchase. NerdWallet explains, “A typical earnest money deposit is 1% to 2% of the home’s purchase price, but the amount varies by location. A higher earnest money deposit may catch a seller’s attention in a hot housing market.”

Making a Higher Down Payment
The benefit of a higher down payment is you won’t have to finance as much. This helps the seller feel like there’s less risk of the deal or the financing falling through.

Non-Financial Options To Make a Strong Offer
Realtor.com points out, “. . . Price is not the only factor sellers weigh when they look at offers. The buyer’s terms and contingencies are also taken into account, as well as pre-approval letters, appraisal requirements, and the closing time the buyer is asking for.”

In today’s hot housing market, you need a partner who can serve as your guide, especially when it comes to making a strong offer. DM me so you have a trusted resource and coach on how to make the strongest offer possible for your specific situation.

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