CABOR Says Market Becoming Competitive for Buyers
More home buyers are finding they are losing their power position in the real estate market and that when they submit an offer for a home, they may not be alone in the bidding. In fact, buyers who submit low offers may not even get the courtesy of a callback.
Buyers all around the country are making offers, most at or above the asking price.
A drop in the inventory of for-sale homes around the country is prompting more competition among home buyers. Inventory in October was 24 percent below year-ago levels.
Chair Elect Joanne Zettl of the Cleveland Area Board of REALTORS® (CABOR), shares the following tips for potential buyers if they want to get the winning bid on a home:
- Get pre-approved, not prequalified: Pre-approval for a loan based on a buyer’s credit, income, and assets is viewed as better than getting pre-qualified, which is just an estimate of how much that buyer may be able to borrow.
- Find an experienced REALTOR: Home buyers should find a real estate professional who knows how to handle multiple-offer situations and can advise how much to offer and help buyers determine if they’re getting a home at a fair price.
- Watch the contingencies: “The best offer isn’t always the one with the best price,” says Zettl. Buyers who put in too many contingencies with their offer may lose out.
Remember, when you are ready to buy or sell your home, the Cleveland Area Board of REALTORS® and its members are here to assist.