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Waldorf MD Homes - Home Buying Process with Skip Young REALTOR®
Dated: May 4 2019
Bidding wars aren’t as common as they once were, but there’s still a chance you could find yourself facing competitive bids from other Waldorf MD home shoppers.And though housing inventory is rising, there’s still a shortage of supply on the market overall.
In May 2019, inventory was at just a 4.3-month supply, up from 4.2 months in April, according to the National Association of Realtors (NAR). Supply numbers are near historic lows, driving up home prices. “Solid demand along with inadequate inventory of affordable homes have pushed the median home price to a new record high,”said Lawrence Yun, NAR’s chief economist, in a press release.
Properties were on the market for an average of just 26 days in May, up slightly from 24 days in April, according to NAR.
Whether or not you’ll face a bidding war also depends heavily on where you’re located. According to a report from real estate brokerage Redfin, buyers face the most competition in cities including Sacramento, San Francisco, Los Angeles, San Diego, Boston, Washington D.C., Philadelphia, Portland and Denver.
Be sure to contact Skip Young your Waldorf MD Reltor®, If you find yourself in a bidding war, you can still come out victorious. You just need that agent who knows how to search for home in Waldorf, MD to get you there first. Once you see what you would like to live in and make an offer on. I will negotiate with you ways you can win the bid.
So in reserach we have found 9 strategies that can help you win a bidding war:
- If you can afford it, pay cash
“It’s cliché, but cash is king,”
says Trenton Hogg, a real estate agent in the Denver area. In that region, three-quarters of home sales wind up in bidding wars.
Sellers typically prefer dealing with a buyer who can pay cash, and they don’t have to worry about a potential buyer actually receiving the financing he or she needs.
- If you need financing, get preapproved.
Pick a lender with competitive rates, and ask to be preapproved for a loan.
You’ll need to provide documentation so the bank or mortgage company can verify your income, assets and credit report.
But once that’s done, you’ll have a letter to show sellers that says exactly how much you’re qualified to borrow.
(Of course, lenders won’t fully commit to providing the money you need until they see the house you want to buy and are convinced it provides adequate collateral for the loan.)
- Understand the market.
Before you hit the street, go online and scour the real estate listings so you know exactly what houses are available and how much sellers are asking.
This isn’t the time to dawdle. If you understand the market, you’ll be ready to make a move when a home goes up for sale.
- Make the first move.
“I always tell my clients to be the first in line” when it comes to making an offer on a home, says Smitha Ramchandani, a Keller Williams real estate agent in Morristown, New Jersey.
If the house is priced properly, she tells her clients to offer full price and be prepared to up their offer if other bids come in.
- Make an extra-large deposit.
If you get the house, this earnest money will go toward your down payment and closing costs.
- Don’t be nitpicky.
When you make an offer, Hogg recommends removing as many contingencies as possible.
Contingencies essentially give a buyer the right to back out of the contract in certain cases, such as if they have problems obtaining financing, if problems are found during a home inspection or if the house doesn’t appraise for the contract amount.
If problems turn up during an inspection, Hogg recommends only focusing on health, safety and sanitation issues.
survey of Redfin agents found waiving contingencies was the most effective strategy for winning a bidding war.
- Make it personal.
Sometimes you can win over sellers by tugging at their emotions. Write them a personal letter about why you want their home, and include a photo of yourself, your family members, even your pets, Ramchandani says.
“Most sellers are very emotional about their homes,” she says. “They created memories there.”
- Include an escalation clause.
Some buyers may be willing to increase their offer but fear overpaying, Ramchandani says. In that case, consider an escalation clause, giving you the opportunity to increase your bid if another potential buyer is offering to pay more.
Just don’t get carried away. Set a reasonable cap for yourself. And be sure you can afford your top price and that the house will appraise for that amount.
- Be flexible.
Find out what might make the sellers’ lives easier. They may want to move out as quickly as possible or may want to stay in the house a little longer, Hogg says.
Maybe they’re eager to move across the country for a new job, or they have children in school and want to stay in the house to finish out the school year.
If you can, agree to adjust the closing date to meet their needs. Or consider closing and then renting the house back to them for a set period of time.
“Giving the seller the ability to not have to move twice can get your offer to the top of the pile,” Hogg says.
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If you are Relocating to Fort Meade and are looking to purchase or sell a home please contact Skip Young Realtor®
Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in Washington DC, Maryland or Virginia. Military bases such as:
If you are stationed here and are looking to purchase or sell a home please contact Skip You are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in Washington DC, Maryland or Virginia. Military bases such as:
Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in the Washington DC, Maryland or Virginia. Military bases such as:
There are currently 23 million veterans and service members right in your local community of Washington DC, Maryland, and Virginia. They transact over $153 billion annually in the Local Real Estate purchases and Selling of Property, along with the Rental Market. Learn how you can help tap into and serve the veteran community with VAREP, the Greater Annapolis Chapter. Skip Young your Waldorf MD Realtor® and Veteran is still continuing to serve my country by helping our community of brothers and sisters by representing the Government Affairs division. The position is about assisting in changing the laws that help protect veterans and service members who need to find housing in the Washington DC Maryland and Virginia area.
Skip Young | EXP Realty | Waldorf MD Realtor®
Realtor®, Veteran, New Home Sales
888-860-7369 x 240 Broker
137 National Plaza, Suite 300
National Harbor, MD 20745
Waldorf MD Realtor® | Veteran | eXp Realty | Author | VAREP Director of Government Affairs Greater Annapolis Chapter
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Waldorf MD Homes for Sale Are you are stationed here and are looking to purchase or sell a home please contact Skip Young Realtor®: Marine Barracks Joint Base Anacostia-Bolling PSD Washington, DC....
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