How to Beat the Bidding Wars

Blog Post Image

The supply of houses on the current market is not large enough to meet buyer demand, so home buyers are finding themselves in bidding wars over available homes. Even when buyers offer thousands above the seller's asking price, they are still being outbid.

One way that my buyers have stayed out of bidding wars this year is to build. While there's still a limited supply even with new construction homes, you're unlikely to have to compete with ten other buyers for the same home. Moreover, building gives you the flexibility to select specific options that suit your needs and tastes. Builders often offer incentives such as free design options, a closing cost contribution, and other perks when you use their approved lender. And with a new home, you have fewer maintenance costs.

Here are a few things to remember when considering new construction:

Never go to a new home community without your own real estate agent. The on-site agent does not work for you; he or she works for the builder. If you go into a new home community without an agent, you are unrepresented. It is wise to have a real estate agent of your own to look out for your interests and to represent you; and some builders will not permit you to have your own agent if that agent does not accompany you on your first visit to the community.

You should still have a home inspection. Even though the home is new, no one has lived in it before, and things may not be quite right. A home inspection will give you added peace of mind, and can be done either before you close on your home, or after you close on the home and before the one year warranty period ends. Ask your real estate agent for his or her recommendation.

Be sure you understand the warranty process for your builder. Know who to call if something goes wrong. Most builders have a phone number or website that new homeowners must call in order to get issues resolved.

I am able to represent you throughout your home buying process, whether you buy a new construction home or a resale. Contact me today to start your home journey.

Written by Cici Carter