4 Strategies For Winning a Bidding War Without Offering More Money

In today’s real estate market interest rates may have risen but buyer demand is still high due to the consistent trend of low inventory. Multiple bidding situations are still happening and for those with less buying power due to higher mortgage rates it may be that you will turn to other ways of making your offer competitive than just a higher price. Here are some ways that buyers have made their offers stronger without offering a higher purchase price for the home. 

Move Fast

One of the interests of sellers today is not only trying to get a good price and a few offers, but often is a quick sale. A home sale process can be a stressful one with lots at stake so closing  sooner than later can be an attractive benefit to your offer. Make sure you have your pre-approval letter completed, your attorney is hired and ready and a home inspector on deck immediately after your offer is accepted. Have your purchase contract signed in a few days rather than the week or week and a half that is typical.

Best Foot Forward With Shorter Window 

Another great consideration is to make sure you are putting your best foot forward with a strong offer, but also giving the sellers a shorter window of time to accept it. Instead of the usual day or two try going for a window of four to six hours instead. 

Locate Homes With More Days on Market

Of course you will want to see what listings hit the market in real time, but if you keep missing out on homes you can try looking at ones that are a little bit above your price range but have been on the market for longer than most. If these are good candidates for you then you can consider submitting an offer for less than asking but is still within your budget. You never know if the sellers may be ready to take it and get the home sold. 

Work With Local Professionals

Relationships matter and the way to a successful purchase is to put together the right team to work with. Select a professional, experienced and local agent such as myself. Working with someone who is well known locally and has a working history with the listing agent can really benefit a deal. Also, working with local lenders with strong track records for closing loans is also another reason why a seller may choose to accept your deal.