After a very intense period in the housing market, things are finally beginning to calm down as bidding wars become a little less cut-throat. Although they are on the decline, buyers still may come across one as they begin the process of trying to purchase a home.
What are bidding wars?
A bidding war kicks off when multiple buyers continue to make offers on the same property, hoping to win over each other in their pursuits to acquire a home. Due to economic concerns that rose during the Covid 19 pandemic outbreak, a lot of sellers held off listing their homes. As homes on the market declined, the buyer demands increased, leading to soaring home prices and a whole lot of competition for new buyers to deal with.
Where do we stand today?
As home prices - and the world around us - slowly start to fall in place, as a buyer you are in a much better position today than you would have been at this point last year, to make an offer on a home. You still may have to face off another buyer or two looking at the same property as you, but competition won’t be as stressful as earlier.
Bidding war rates hit their peak in April 2021 but as August and then September approached, the decline in competition became evident. Still, however, your chances of snagging a home without any competition at all are slim as the country’s shortage of homes for sale lingers on.
Working with an expert real estate agent would be a smart choice to make
For people who are still wary about taking the plunge as a seller or a buyer in the current market, working with a professional real estate agent would be a prudent idea. A professional’s market knowledge and experience can help you save time and money along with receiving the right kind of advice before you make your final decision. Today’s bidding war rates still show unpredictability in the market, and you don’t want to make a leap in the wrong direction.
For sellers as well, this is a time to be smart and not too greedy. Getting multiple offers on your property is thrilling but declining too many to continue a bidding war, may leave you without any offers in the end as frustrated buyers turn somewhere else. Again, having professional agents by your side will help ensure that doesn’t happen as they explain to you what is a realistic demand and what will throw off potential buyers.
Things may continue to look a little tricky right now but with a little help from our experts at the Troy Flack Group, we can help make it easier for you to navigate the housing market. As the trusted Realtors in Asheville, North Carolina, we can easily and happily guide you whether you are someone looking to find a home or sell one.