How to win in a bidding battle: 10 smart tips for this spring

As snow storms finally begin winding down, the temperature isn’t the only thing that starts heating up. The busy real estate season is fast approaching, so you can expect to find many more listings in the next few weeks.

What exactly is the Spring market? The spring market refers to the increased competition in the real estate market that usually occurs between March and May. Many experts agree it’s the best time of year to be a seller.

Multiple buyers are more likely than not to submit competing bids, which can lead to a bidding battle, since so many people are viewing properties at this moment. In this situation, buyers can review and adjust their bids to outbid other buyers and secure the desired property. A bidding war may result in a higher selling price for the seller and fewer closing conditions. 

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There are many ways you can prepare yourself to be a buyer in this competitive market. Follow these ten home-buying tips this spring to avoid or win a bidding fight.

Knowledge is power in the crowded spring market. Research thoroughly to determine your preferences, deal breakers, and realistic budget. Do your best to narrow down specific neighbourhoods you’ll want to buy in and perform cost comparisons to recent sales. This will help you feel ready to make an offer the moment you find a property you love.  

A pre-approval letter from your mortgage lender shows sellers you’re serious and financially ready. Your paperwork can help you make a quicker offer without having to check with your bank.  

Unless specifically stated otherwise, there’s no rule against submitting your bid before the designated offer date. A preemptive bid is an offer you make to the seller that exceeds his expectations and gives an edge during the negotiation process.   

You are more likely to win in a bidding battle if you waive certain conditions, like a home inspection, or the need to repair broken appliances. Eliminating certain conditions ultimately makes the seller’s life easier and gives them a lot more peace of mind.

Flexibility is your friend in a market that is time-sensitive. Try scheduling viewings of properties during the weekdays to avoid Saturday open house rush. And if you’re ready to offer, adjust your move-in timeline to align with the seller’s preferences, whether moving in sooner or later. 

Many sellers feel a strong emotional connection to their property. That’s why some buyers, in a bidding conflict with multiple bids, write personal letters. These letters show their love for the house and how they plan to spend their time in the neighborhood and there. For instance, a senior couple who are empty-nesters might prefer selling their family home of 20 years to another young family with school-age kids, even if they didn’t offer the highest price. 

If you’ve recently received a large sum, such as through inheritance lawsuit winnings or by selling another property without immediate plans to buy another, think about offering cash when purchasing a property. Cash deals eliminate financing and ensure that the seller is more confident about the deal. 

Upping your offer by offering more than the minimum down payment can be a tempting offer to the seller. A larger deposit makes your offer attractive and shows that you are committed to the purchase. 

The best relators are talented negotiators, which makes all the difference when you’re making an offer in a bidding war. Asking your real estate professional for advice is a great way to get started. these questions Before deciding to work with each other.

Knowing your financial limits and prioritizing is important, even if you are tempted to bid high in a bidding battle. Understanding when to walk off a real estate deal will help you make decisions that align with your long-term objectives. 

Do you have any questions about the best preparation for the spring market? We can answer all your questions! Call usToday, speak with a real estate agent from your city.