How to Navigate the Housing Market Now

If you’re thinking of buying a home today, you already know that the number of homes available for sale is low. But what does that really mean for you? As a buyer, low housing supply coupled with high buyer demand means you should be prepared to navigate a highly competitive market where homes sell fast and get multiple offers. Realtor.com has this to say:

“Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….”

In a bidding war situation, doing everything you can to get ahead of the competition is a wise move. That’s because when you find a house and submit an offer, it’ll likely be up against strong offers from other buyers. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 3.9 offers. That’s the most offers we’ve seen in January for the last 5 years (see graph below):

To help you navigate bidding wars with multiple offers, an expert real estate advisor is key. They know what’s worked for other buyers, what sellers are looking for, and how to help you prepare when it comes time to make an offer. Here are three tips to keep in mind that will help you make the best offer possible.

1. Know Your Numbers

To start, it’s essential to understand the Housing Market numbers including House Prices and Inventory Trends. You’ll have a  monthly mortgage budget. Now you need to know the housing market so you can find your ideal home that fits your budget and strengthen your Negotiation Power.

2. Do Your Homework

As a home buyer, you don’t want to settle for less than what you want and this is how you won’t.  Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Pre-approval shows sellers you’re serious, which can give you a competitive edge. You should also know making an offer at the home’s asking price may not be enough. Homes today often sell for more than their listing price. An agent can help you understand the market value of the home and what other homes are selling for in your area.

💥 IMPORTANT 💥Know the Market and Protect Your Money ❗

To succeed in an ever-changing market, I believe education is key. I don’t know about you; I don’t want to spend more than I must when I buy. More importantly, I want every penny I’m due when I’m selling as well. So, know the trends.

Take a Peek into my Crystal Ball ~ With a massive spike in interest rates, it will be crucial to Know the Market You’re In. I’ve provided 3-year live Home Price trends by city and price range. Also, 3-year live graph regarding the housing inventory and how strong your negotiation is. You also have access to custom data for Sold Homes, so you don’t have to rely on Public Websites Estimates.