Handling competing offers in a seller's market
If you've thought about buying or selling a home recently, you've probably heard it's a seller's market. But whether you're buying or selling, it's important to know what that means for you and your real estate transaction.
In a seller's market, where there are more interested buyers than available homes, homes sell fast, buyers must compete against one another and sellers may receive multiple offers.
For buyers, timing is critical. If you find your dream home, you must be ready to act quickly. Get preapproved for a loan and make sure your financing is in order now. When making an offer, you may not have much room to push for contingencies. An experienced real estate agent can offer guidance to keep you from getting caught up in a bidding war or settling for a home that doesn't fit your needs.
Even in a favorable market, sellers must compete against one another to attract buyers' attention. Make sure your home has good curb appeal and is priced correctly to attract competing buyers. If you receive multiple offers, review them carefully with your real estate agent. While you want to get the best price for your home, the highest offer may not always be the best option.
Our team at Harnish Properties is here to help you navigate tricky real estate questions, whether you're looking to buy or sell. Give us a call.
201 B Avenue, Suite 101
Downtown Lake Oswego