• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Milaina West Logo

Living in Greater Seattle

Greater Seattle Lifestyle and Real Estate

  • Home
  • Meet The Team
    • Milaina West
    • Alexis Pezeshki
  • Contact Us
  • Featured Listings
  • Blog
    • Real Estate
    • Events
    • Lifestyle
    • Outdoors
    • Restaurants
    • Shopping
  • Reviews
  • Renovation & Design Consultations
  • Newsletters
You are here: Home / Real Estate / Buyers: Are You Ready for a Bidding War?

Buyers: Are You Ready for a Bidding War?

July 13, 2020 by Milaina West Leave a Comment

Buyers: Are You Ready for a Bidding War? | MyKCM

Buyers: Are You Ready for a Bidding War? Businesses are reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery. More home buyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale, Chief Economist at realtor.com explains:

“People are surprised that prices are rising, not falling, because in the last recession home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with [a limited] number of homes…That is likely to lead to more competition and potentially multiple offers and bidding wars.”

According to the recent Realtors Confidence Index (RCI) survey conducted by the National Association of Realtors (NAR), this trend is growing:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

HousingWire also indicates:

“42% of homeowners who made a purchase during the January to May time period ended up in a bidding war, demonstrating the strong demand for homes amid low inventory.”

With more people returning to work we’ll continue to see the number of interested buyers increase. So, if you’re among the many people looking for a home to buy this summer, it’s important to ensure you have the right guidance from the start. This way, you make sure your offer stands out from the crowd when it really counts. Here are two tips to follow.

1. Hire a Trusted Local Expert

A trusted local real estate professional matters more than ever right now, as noted in a recent survey shared by NAR. In fact, according to respondents, 54% of buyers and 62% of sellers indicated that “Particularly during the pandemic, a real estate agent’s guidance is especially valued.”

We’re not in a normal market. We are in one of the greatest health crises our nation has ever seen. The pandemic has had a dramatic impact on the journey consumers must take to purchase a home. To successfully navigate the landscape today, you need a true expert on your side.

2. Get Pre-Approved for a Mortgage

When there are more buyers than sellers on the market, the process to find a home becomes much more challenging. One way to show you’re serious about buying a home is to work with a lender to get pre-approved for a mortgage before starting your search. With a pre-approval letter, sellers will see your true desire to buy this year, potentially helping your offer rise to the top.

Bottom Line

If this is the year you’re ready to buy, let’s connect to get the process started so you can make sure your offer is a strong one when the competition heats up.

Thanks for reading – Buyers: Are You Ready for a Bidding War?

For Real Estate Questions Click Here!

Filed Under: Real Estate

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

Stay Up To Date!

There are so many cool things to do and see in the Greater Seattle area! Don't miss out and get the latest fun events delivered right to your inbox!
Loading

Search

Footer

Contact Milaina

Milaina West
REALTOR® with Keller Williams Greater Seattle

Connect with me on:

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

Contact Milaina

Log in

Privacy Policy

Living In Greater Seattle License #88292 | Privacy Policy | DMCA

Milaina West Group Logo

Keller Williams Greater Seattle – Each Office Is Independently Owned and Operated 

Institute For Luxury Home Marketing

Institute For Luxury Home Marketing
Cleantalk Pixel