3 Ways to Win in a Bidding War For Your Bungalow!

 

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season.

Javier Vivas, Director of Economic Research at realtor.com, explains:

“COVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the weeks to come.”

Here are three things you can do to make your offer a competitive one when you’re ready to make your move.

1. Be Ready

A recent survey shows that only 52% of active homebuyers obtained a pre-approval letter before they began their home search. That means about half of active buyers missed out on this key part of the process.

Buyers who are pre-approved are definitely a step ahead when it’s time to make an offer. Having a pre-approval letter indicating you’re a qualified buyer shows sellers you’re serious. It’s often a deciding factor that can tip the scale in your direction if there’s more than one offer on a home. It’s best to contact a mortgage professional to start your pre-approval process early, so you’re in the best position right from the start of your home search.

2. Present Your Best Offer

In a highly competitive market, it’s common for sellers to pick a date and time to review all offers on a house at one time. If this is the case, you may not have an opportunity to negotiate back and forth with the sellers. As a matter of fact, the National Association of Realtors (NAR) notes:

“Not only are properties selling quickly, but they are also getting more offers. On average, REALTORS® reported nearly three offers per sold property in July 2020.”

Make sure the offer you’re presenting is the best one the sellers receive. A real estate professional can help you make sure your offer is a fair and highly competitive one.

3. Act Fast

With existing homes going like hotcakes, there’s no time to waste in the process. NAR reports how the speed of home sales is ramping up:

“Properties typically remained on the market for 22 days in July, seasonally down from 24 days in June and from 29 days in July 2019. Sixty-eight percent of homes sold in July 2020 were on the market for less than a month.”

In addition, NAR notes:

Total existing-home salesjumped 24.7% from June to a seasonally adjusted annual rate of 5.86 million in July. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019).”

As you can see, the market is gaining steam. For two consecutive months houses have sold very quickly. Essentially, you may not have time to sleep on it or shop around when you find a home you love. Chances are, someone else loves it too. If you take your time, it may not be available when you’re ready to commit.

Bottom Line

The housing market is very strong right now, and buyers are scooping up available homes faster than they’re coming to market. If you’re planning to purchase a bungalow or cottage this year, connect with a local B&C to discuss the trends in our current area, so you’re ready to compete – and win.

Share:

Facebook
Pinterest
Email
Print
Mark Hughes

Mark Hughes

Mark Hughes is the President and curator of Bungalows and Cottages LLC, Blog, and Networks. Mark's mission is to bring the design, history, and lifestyle of smaller comfortable iconic American bungalows and cottages to everyone. Mark is a real estate broker, manager, and coach, and industry executive who once ranked in the top 1% of agents worldwide for sales and has sold or managed over 6 Billion in U.S. real estate sales. Small Home, Big Life.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top

Get The Newsletter

By subscribing you are agreeing to our Terms and Conditions & Privacy Policy

John Staab

John is the Managing Broker and accomplished real estate consultant for Motive Real Estate Fort Worth Texas. Lic #0525982

Contact John: (817) 637-5582
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

 

A Home For A Home. Let’s End Homelessness.

 

Together we are making meaningful change in the world. When you sell or buy with Motive, we donate a home to a family in need…a home for a home.

There are over 150 million homeless people across the globe, many of them mothers and children. A home, even the most basic shelter with a locking door, allows a child to go to school, a mother to have a job or develop a business and, most importantly, provides safety and security.  

We all deserve our dream home and together we can help put an end to homelessness.

Mark Hughes Bungalows and Cottages

Mark Hughes

Mark covers the Los Angeles Market for Bungalows Cottages. Mark also serves as the liaison to the B&C Expert Partner Agent Network.  He loves Bungalows and Cottages!

Contact Mark: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Expert Agent Connect

Connect with your local B&C expert to find, understand, and secure your next dream home. We’re here!

Or Call our Call Center at 941-275-2630

*By proceeding, you consent to receive communication at the
number you provided, and email, from bungalowsandcottages.com and
real estate professionals and their network of service providers about
your inquiry and other home-related matters. Msg/data rates may
apply. This consent applies even if you are on a do not call list and is not
a condition of any purchase.

Dakota Feroleto

Dakota covers the Southern California Desert Region for Bungalows and Cottages which includes Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, and La Quinta.

Contact Dakota:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Ken Riel

Ken covers the Charlotte North Carolina Market for Bungalows and Cottages which includes Plaza Midwood, Elizabeth, Chantilly, Wesley Heights, Dilworth, NoDa, and Wilmore.

Contact Ken:
Call Center 941-275-2630
or Send A Note:

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Karen Barks

Karen covers the Portland Oregon Market for Bungalows and Cottages from Beaverton and West Portland to the North and Northeast neighborhoods.

Contact Karen:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Chris Zoller

Chris covers the Tamp Florida Market for Bungalows and Cottages from Hyde Park, to Ybor, Seminole Heights, Historic Kenwood, and all around town.

Contact Chris:
Call Center 941-275-2630
or Send A Note:

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Jen Berbas

Jen covers the Austin Texas Market for Bungalows and Cottages from Downtown, to Old West Austin, Chestnut, Travis Heights, Rosedale, and all around town.

Contact Jen:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Peggy Graef

Peggy covers the Orlando Florida Market for Bungalows and Cottages from Colonialtown, and College Park to Winterpark, and Thornton, and all around town.

Contact Peggy:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Kathy Engen

Kathy is our B&C local expert agent for Edina MN.

Call or text Kathy at 941-275-2630
or send a note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Will Flannigan

Will covers the East Los Angeles Market for Bungalows Cottages. 

Contact Will:
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Mike Dobbs

Mike covers the West Side Los Angeles Market for Bungalows and Cottages.

Contact Mike: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Amanda Rose

GA Lic#243859

Amanda covers the Atlanta Market for Bungalows & Cottages. 

Contact Amanda: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Thomson Meeks

Lic#321092

Thomson covers the Asheville Market for Bungalows Cottages.

Contact Thomson: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Submit Your BnB

Fill in your BnB details and we’ll review it for addition to our growing map of Bungalow and Cottages BnB’s.

*By sending you are agreeing to our Terms and Conditions & Privacy Policy.

Shannon Praetorius

Shannon covers the Seattle Market for Bungalows Cottages. Connect with Shannon here to find your best B&C Market guidance.

Contact Shannon: Call Center
941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Anne Jensen

Anne covers the Los Angeles Market for Bungalows and Cottages along the south city side and LA’s southern coastal areas.

Contact Anne:
Call Center 941-275-2630
or Send A Note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Judy Hughes

Judy Hughes is a Leisure World sales expert, resident and accomplished renovation consultant.

Call or text Judy at 562-972-0491
or send a note...

By sending you are agreeing to our Terms and Conditions & Privacy Policy

Judy Hughes is a seasoned residential real estate professional with over 25 years of experience in the industry. She has always had a love for homes and design, which led her to pursue a career in real estate. In her first year as a Realtor, Judy quickly established herself as a young market go-getter, garnering the attention of a large national bank that chose her as their preferred relocation agent. Her clientele continued to grow as did her love for the business. Through the years, Judy has been licensed and practiced in several states, but now resides and specializes in Leisure World of Seal Beach. She brings with her an extensive knowledge of the housing market and is passionate about providing excellent customer service.


Whether it is packing and moving information, health and safety recommendations, remodeling, or major renovations; she can help. Judy is eager to utilize her market knowledge and practical moving experiences to assist you with a smooth and profitable purchase or sale. She combines thorough market research and today’s fastest digital and mobile technologies to ensure her customers are first to know about market opportunities and movement. Judy executes a dependable buyer delivery system for her sellers leveraging Seven Gables’ global property syndication networks. She is known for her tenacious follow-through and her selling strategies. Put Judy’s passion for Leisure World real estate to work for you. When she’s not helping clients buy or sell their homes, you can find Judy spending time with her family and friends or enjoying one of her many active hobbies.

Agent Lead and Referral Network

Realtors® Fill in your details to join our growing exclusive B&C Lead and Referral Network and we’ll get back to right away.

*By sending you are agreeing to our Terms and Conditions & Privacy Policy.