The most offers I have heard about for a single family home here in the Napa Valley is 47. I would not be surprised if there were not more on other properties I don’t know about. Given this type of competition in trying to buy a home today, I thought these tips might be helpful.
The best tip I can give any buyer today, your need a great agent and must have patience for it is rare to be the winner bidder on the first home you put an offer on. The one exception is to this, for the all cash buyer who is willing to pay quite a bit above the asking price. Yes, anyone needing a loan is at a disadvantage but the right agent will be able to advise you of many tactics to give your offer the best chance to be accepted.
- Bidding wars are back, and while not every local real estate market is experiencing bidding wars, some home buyers find themselves competing for houses because there aren’t many for sale in their neighborhood.
- To compete in a bidding war, buyers need to prepare financially for the home purchase. They have to familiarize themselves with property values in their target neighborhoods, and they must know what they want.
- While offering the most money might seem the best way to win a bidding war, sellers don’t always choose the highest offer. Instead, some sellers prefer offers that are the most likely to go through and that meet certain conditions.
- One way to be competitive in today’s real estate market is to select a lender and loan product, complete everything the lender requires, and have a pre-approval letter in-hand before beginning the house hunt.
Let me put my nearly 30 years experience to work for you and help you get the perfect Napa Valley property, please contact me