One thing I have noticed lately over the past few months is the return of multiple offer situations. With the combination of dropping prices, relatively low-interest rates, and the federal tax credits (see my earlier post on these home buyer credits by clicking here), we have started to see more buyers and more competitive bidding. Here are some things to keep in mind in this warming up market:

  • Competent advice: Make sure you are working with a Realtor® who understands and can explain the current status of the market and how best to prepare for it.
  • Investor competition: There may be some competition with investors, which mean you may be competing with contingency-free, all-cash offers. As such, you need to be ready to prepare your best offer–with loan prequalifications and all your paperwork complete.
  • Avoiding automatic low balls: Don’t automatically make offers that significantly lower than the asking price. Study the prices for comparable properties for sale in the neighborhood and talk to your Realtor® about putting together a strong, realistic offer.

If you need any more real estate advice, or are contemplating getting in this market, feel free to get in touch with me!