How to Win a Bidding War in Today’s Market
It’s tough out there for buyers. With higher interest rates, limited inventory, and fierce competition in Bergen County NJ, it can feel like an uphill battle toward homeownership. But don’t worry – you’re not alone, and we’re here to help. Here are some tips to help you stand out in today’s competitive market:
- Align with the Right Lender – Partner with a trusted mortgage lender who has a proven track record of getting deals done. When your offer is competing against others, a strong lender who has an excellent reputation in the area can often be the difference that tips the scale in your favor. Need some recommendations? Give Luke Chamberlin at NJ Lenders/Luminate Bank or Scott Leif at Rate.com a call today!
- Have a Buttoned-Up Offer – A complete and well-organized offer package shows
you mean business. Attention to detail at this stage can make the process smoother and help you stand out as a serious buyer. Working with an experienced real estate agent (hint: The Kristin Graves Team has over 30 years of combined experience!) who can expertly present your offer often holds weight! You don’t want a sloppy written offer be the thing that prevents you from winning the bid.
- Be Aggressive with Price – The price you’re willing to pay is a reflection of how much you truly want the property. We’ll help you understand comps in the area and the resale potential, but at the end of the day, your decision comes down to how far you’re willing to go to secure your dream home without getting a pit in your stomach.
- Make It Easy for the Seller – Sellers appreciate flexibility! Consider shortening contingency dates, putting down a strong deposit right away, and accommodating the seller’s preferred closing date.
- Limit Inspection Scope – While you always have the right to a full inspection,
consider limiting what you may ask the seller to remedy. This can ease their concerns and make your offer more attractive.
The Kristin Graves Team has more strategies up our sleeves to help you win. Want a personalized game plan to secure your dream home? Let’s set up a time to talk!