Mark Ikeda

Mortgage Consultant

  • Home
  • About
    • About Us
    • Privacy Policy
  • Blog
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Apply Now
  • Read or Write a Review
  • Contact

A Bidding War Is Taking Place Among Homebuyers

August 18, 2020 by Mark Ikeda

A Bidding War Is Taking Place Among HomebuyersWhile businesses have fallen on hard times during the past few months, there are signs that the economy is going to start to recover quickly. This could mean that homebuyers are entering the market again as well.

With summer being a historically hot time for homebuyers all over the country, there are a lot of experts saying that buyers need to get ready for a bidding war.

There are not a lot of homes on the market right now, as sellers are still a bit reluctant to put their homes back on the market with the economy just starting its recovery process.

The end result is that there is a disconnect between supply and demand. This imbalance is causing home prices to climb upward as homebuyers get into a bidding war.

Homebuyers Might Be Surprised

Many homebuyers are surprised that prices are actually rising instead of falling. When the last recession hit, home prices actually fell significantly. This is because mortgage defaults were the cause of the last recession, which is why home prices fell so dramatically.

The cause of this economic downturn is different. Due to a limited supply of homes, this is leading to more competition among homebuyers. This leads to more competition, handfuls of offers for a single home, and a bidding war. In order to find the right home, there are a few tips that homebuyers need to keep in mind.

Put Forth A More Competitive Offer

Those who are looking for a home right now need to place themselves in a position to compete against multiple offers from other homebuyers. Some of the most important tips to follow include:

  • Hire a local expert who understands the state of the market right now who can help homebuyers find the right home. Right now, the real estate market is not normal. It takes an expert to understand the ins and outs of buying a home in this market.
  • Get pre-approved from the market to make sure the offer looks serious to the seller. Those who get pre-approved from a lender will demonstrate a strong desire to buy, pushing their offer to the top.

There are ways to put forth a competitive offer even in this challenging real estate market.

Filed Under: Mortgage Tagged With: Home Buying, Mortgage Tips, Pandemic

  • 1
  • 2
  • 3
  • Next Page »
Mark Ikeda

Contact Mark


Mortgage Consultant
VIP Mortgage
CALL (602) 793-1098

Licenses:
National ‑ 213096
State ‑ AZ: LO‑0913899
CA: DBO213096
GET A RATE QUOTE  

Connect with Me!

How can I help?

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

The Latest Articles

  • Rebuilding Costs: Rethinking How Much Homeowners Insurance You Really Need
  • 5 Tips for Crafting a Counter-offer That Doesn’t Scare Away a Potential Home Buyer
  • What’s Ahead For Mortgage Rates This Week – March 27, 2023
  • 3 Things That Will Absolutely Kill Your Chances for a Mortgage Approval
nmlsconsumeraccess.org
AZ LO-0913899 Equal Housing Lender VIP Mortgage, Inc. does business in accordance with Federal Fair Lending Laws. VIP Mortgage NMLS #: 145502 VIP Mortgage BK #: 090974
Equal Housing Lender

Our Location

9221 East Vía de Ventura
Scottsdale, AZ 85258

Copyright © 2023 · Powered by MySMARTblog