(WHTM) — Thinking of buying or selling a home? It’s a great time to sell, but the most competitive time ever to buy.
In normal times, when shopping for a home, there is no rush. But these are not normal times.
Young parents Jonathan and Tiffany Moore have been outbid on 3 houses in their hunt for a home.
“It already had several offers before we got our offer in,” Tiffany Moore said.
“We prepare our clients, letting them know they need to be prepared to offer over asking price,” Realtor Denise Taylor said.
Taylor and her partner realtor, Steven, say buyers need to visit a new listing as soon as the owners allow, and make an offer immediately, at asking price.
“You can’t make a lowball offer,” Steven Taylor said. “The list price right now is the floor.”
The Taylors say you can lose out to another buyer who is offering more, or paying cash.
“I have been in the business 13 years, and we are in a bubble right now that I have never seen before,” Realtor Shelly Miller Reed said.
Reed and Realtor Amy Roe say it’s especially tough in trendy neighborhoods close to the city.
“I had a buyer write an offer on a listing that had 32 other offers on the table,” Roe said.
It is possible to get multiple offers in a day. In that case, what’s next?
“A lot of people right now are choosing to rent, to take advantage of the seller’s market, and then see what happens on the other side,” Reed said.
Rocket Mortgage says, in order to get an edge when buying a house, the buyer has to: have a band pre-approval letter, add an escalation clause, drop contingencies, write a personal letter to the seller, and work with a licensed realtor who will hear about upcoming homes.
“One of the most important things is to work with an experienced agent,” Reed said. “So we know exactly what is coming on the market,” Taylor said.
“You are trying to win the race, but you don’t know where your competitors are on the race track,” Jonathan Moore said.
Realtors hope things improve next spring, as empty nesters no longer locked in by the pandemic decide to put their homes on the market.