August 18th, 2020
While businesses have fallen on hard times during the past few months, there are signs that the economy is going to start to recover quickly. This could mean that homebuyers are entering the market again as well.
With summer being a historically hot time for homebuyers all over the country, there are a lot of experts saying that buyers need to get ready for a bidding war.
There are not a lot of homes on the market right now, as sellers are still a bit reluctant to put their homes back on the market with the economy just starting its recovery process.
The end result is that there is a disconnect between supply and demand. This imbalance is causing home prices to climb upward as homebuyers get into a bidding war.
Homebuyers Might Be Surprised
Many homebuyers are surprised that prices are actually rising instead of falling. When the last recession hit, home prices actually fell significantly. This is because mortgage defaults were the cause of the last recession, which is why home prices fell so dramatically.
The cause of this economic downturn is different. Due to a limited supply of homes, this is leading to more competition among homebuyers. This leads to more competition, handfuls of offers for a single home, and a bidding war. In order to find the right home, there are a few tips that homebuyers need to keep in mind.
Put Forth A More Competitive Offer
Those who are looking for a home right now need to place themselves in a position to compete against multiple offers from other homebuyers. Some of the most important tips to follow include:
There are ways to put forth a competitive offer even in this challenging real estate market.