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Don’t Let Buyer Competition Keep You from Purchasing a Home

Don’t Let Buyer Competition Keep You from Purchasing a Home | Simplifying The Market

This year’s record-low mortgage rates sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why.

According to the most recent Housing Trends Report from the National Association of Home Builders (NAHB):

“The length of time spent searching for a home continues to grow.”

The report indicates that 62% of buyers now spend 3 months or more looking for a home, an increase from 58% one year ago. A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home. Based on recent data from the National Association of Realtors (NAR), the average house in today’s market receives 3.4 offers before it’s sold. This means for every buyer who purchases a home, there are on average two or three buyers who have to begin their search all over again.

Compared to this time last year, the NAHB report shows that buyers are having more success finding homes in their price range. However, it also notes the percentage of buyers saying they’re getting outbid when they make an offer has jumped from 15% to 27%. Buyers are indicating that bidding wars are a major obstacle to finding their dream home (See graph below):Don’t Let Buyer Competition Keep You from Purchasing a Home | Simplifying The MarketIf this is a challenge you’re up against in your home search, you’re not alone. Feeling stuck in the process can be frustrating, but if there’s ever been a year to power through, this is the one. NAHB noted:

“Difficulties finding a home to buy will likely lead 20% of active buyers to give up until next year or later. That share is up from 15% a year earlier.”

Experts anticipate home prices will continue to rise into 2021, and the incredibly low interest rates we’ve seen this year are also forecasted to increase as the economy strengthens. Hopeful homebuyers who decide to hold off on their search until there’s less competition run the risk of finding a more expensive housing market when they start looking again. If affordability is a key motivator behind your decision to buy a home, this winter is still the best time to make it happen.

Bottom Line

Bidding wars may be one of the greatest challenges buyers face in today’s housing market, but they shouldn’t be a deal-breaker. Having the right expert on your side throughout the buying process will give you the advantage you need when it comes to finding the right home and making a competitive offer. If you’re ready to buy this winter, let’s connect to discuss how to position yourself for success.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Pricing Tagged: Real Estate

© Margo Borkin Real Estate 2010

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« It Pays to Sell with a Real Estate Agent [INFOGRAPHIC]
Is Buying a Home Today a Good Financial Move? »
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Margo Borkin Real Estate

22 hours ago

Margo Borkin Real Estate

You've got questions. I've got answers -- a match made in heaven, I think! ⁣
⁣
For the next few Fridays, I’ll share answers to some of YOUR most common real estate questions — a “Frequently Asked Fridays” of sorts! ⁣
⁣
First up? A question I often get from homebuyers: ⁣
⁣
Q: Are kitchen appliances included in the sale of a home? ⁣
⁣
A; As a general rule, if an item is built-in or attached to the home (think bookshelves, window treatments, light fixtures, etc.), it's included in the sale of the home. Kitchen appliances typically fall under this “rule” unless otherwise specified by the sellers. Ask your realtor for a copy of the seller’s disclosure so you can make note of any items that don’t convey. ⁣
⁣
Looking to buy (or sell) and need a realtor? I’d love to chat! Send me a message and let’s connect.⁣
... See MoreSee Less

Youve got questions. Ive got answers -- a match made in heaven, I think! ⁣
⁣
For the next few Fridays, I’ll share answers to some of YOUR most common real estate questions — a “Frequently Asked Fridays” of sorts! ⁣
⁣
First up? A question I often get from homebuyers: ⁣
⁣
Q: Are kitchen appliances included in the sale of a home? ⁣
⁣
A; As a general rule, if an item is built-in or attached to the home (think bookshelves, window treatments, light fixtures, etc.), its included in the sale of the home. Kitchen appliances typically fall under this “rule” unless otherwise specified by the sellers. Ask your realtor for a copy of the seller’s disclosure so you can make note of any items that don’t convey. ⁣
⁣
Looking to buy (or sell) and need a realtor? I’d love to chat! Send me a message and let’s connect.⁣
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Margo Borkin Real Estate

2 days ago

Margo Borkin Real Estate

Now available in #westbloomfield
Check it out: mbre.info/6265
... See MoreSee Less

Now available in #WestBloomfield
Check it out: https://mbre.info/6265
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Margo Borkin Real Estate

2 days ago

Margo Borkin Real Estate

Are January and February good months to sell? Yes! Yes! A 1000x YES! Here’s why:⁣
⁣
1. You’ll face less competition.⁣
2. You’ll get lots of attention from buyers’ agents.⁣
3. With rock-bottom interest rates, buyers are ready to purchase.⁣
4. Your home is still shining after the holiday rush.⁣
5. You’ll enjoy a quick closing.⁣
⁣
Online searches for “buying a home” peak in January and February so if you’re thinking of selling, try to get in front of the action. Need a realtor who knows our area to help? Send me a message -- I can't wait to hear from you!
... See MoreSee Less

Are January and February good months to sell? Yes! Yes! A 1000x YES! Here’s why:⁣
⁣
1. You’ll face less competition.⁣
2. You’ll get lots of attention from buyers’ agents.⁣
3. With rock-bottom interest rates, buyers are ready to purchase.⁣
4. Your home is still shining after the holiday rush.⁣
5. You’ll enjoy a quick closing.⁣
⁣
Online searches for “buying a home” peak in January and February so if you’re thinking of selling, try to get in front of the action. Need a realtor who knows our area to help? Send me a message -- I cant wait to hear from you!
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