Wisconsin Homebuyers, The Market is Hot, Make Your Offer Count!

By
Real Estate Agent with Woodland Management Service / Woodland Real Estate, EXP #1 in Forest Land Mgmt

Wisconsin Homebuyers, Be Ready to Make Your Best Offer!homeownership

With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more homebuyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale, Chief Economist at realtor.com explains:

“People are surprised that prices are rising, not falling, because in the last recession home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with [a limited] number of homes…That is likely to lead to more competition and potentially multiple offers and bidding wars.”

According to the recent Realtors Confidence Index (RCI) survey conducted by the National Association of Realtors (NAR), this trend is growing:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

HousingWire also indicates:

“42% of homeowners who made a purchase during the January to May time period ended up in a bidding war, demonstrating the strong demand for homes amid low inventory.”

With more people returning to work we’ll continue to see the number of interested buyers increase. So, if you’re among the many people looking for a home to buy this summer, it’s important to ensure you have the right guidance from the start. This way, you make sure your offer stands out from the crowd when it really counts. Here are two tips to follow.

1. Hire a Trusted Local Expert

A trusted local real estate professional matters more than ever right now, as noted in a recent survey shared by NAR. In fact, according to respondents, 54% of buyers and 62% of sellers indicated that “Particularly during the pandemic, a real estate agent’s guidance is especially valued.”

We’re not in a normal market. We are in one of the greatest health crises our nation has ever seen. The pandemic has had a dramatic impact on the journey consumers must take to purchase a home. To successfully navigate the landscape today, you need a true expert on your side.

2. Get Pre-Approved for a Mortgage

When there are more buyers than sellers on the market, the process to find a home becomes much more challenging. One way to show you’re serious about buying a home is to work with a lender to get pre-approved for a mortgage before starting your search. With a pre-approval letter, sellers will see your true desire to buy this year, potentially helping your offer rise to the top.

Bottom Line

If this is the year you’re ready to buy, contact your Keller Williams real estate professional to get the process started so you can make sure your offer is a strong one when the competition heats up.

 

 

Thanks to KCM for part of this content.https://www.keepingcurrentmatters.com/2020/07/13/buyers-are-you-ready-for-a-bidding-war/

Comments (9)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Bob great advice to buyers our market is on fire too, Endre

Jul 26, 2020 10:09 PM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Bob.

We still get people who think they can offer 10% lower on a home. It usually takes about three times, before the light bulb comes on. 

Jul 27, 2020 02:01 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Bob.  Great advice in any market. Playing games is a waste of time. Enjoy your day!

Jul 27, 2020 04:38 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Bob... great post and message. As I'm always telling my clients... they need to step up with their best foot forward right away when making an offer... they might not get a second chance.

Jul 27, 2020 04:51 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Bob - regardless of market conditions, an offer should stand out for the right reasons and that importance is crucial in times when competition is fierce.  Oftentimes,  it means becoming the "winner" versus still looking to purchase.  

Jul 27, 2020 06:09 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bob every property seems to get multiple offers these days, so it is extremely important to have everything in place to be ready to make an offer on a property quickly.

Jul 27, 2020 09:48 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Monday Bob Crane,  The market is hot and I have a three bedroom condo going on the market on thursday and hope it sells fast.

 

Jul 27, 2020 10:09 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Prospective home buyers will be in very good hands when they seek your professional real estate advice and assistance.

Aug 01, 2020 08:04 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Sorry I'm late to the party, Bob Crane ... but wanted to give you a huge thumbs up on this message.  It speaks to current market conditions and needs so well.  Homebuyers need to act proactively ... and stay on top of their process to be successful.  It also lowers stress levels immensely ...

Great post!

Gene

Aug 29, 2020 10:44 AM