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M R EP O RT | 41 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST ORIGINATION Agents Share Key Bidding-War Strategies As bidding wars rage nationwide over the scant housing supply, real estate agents weigh in with some tactics to help both buyers and sellers win the war. R edfin agents, in a new report, have shared their tips and tricks in helping homebuyers come out on top in today's ever-competitive housing market. Whether it be seeking out a new home to accommodate working remotely, or simply buy- ers taking advantage of record-low rates, demand continues to out- weigh supply, resulting in bidding wars for these precious commodi- ties nationwide. "It's the best and the worst time to buy," said Faith Floyd, a Redfin real estate agent in Houston, in the report. "It's the best time because mortgage rates are so low, and it's the worst time because everybody wants to take advan- tage of low mortgage rates." To lend a hand to prospec- tive home buyers, Redfin agents shared the following tips to emerging victorious in the event of a bidding war: • Opting for a condo in lieu of a single-family sale • Shortening the contingency timeline • Being open to making offers on homes, sight-unseen • Utilizing an agent and lender who are willing to communi- cate constantly with the listing agent • Searching for homes priced below what you can afford, leaving room to negotiate higher and keeping within your budget • Releasing your earnest money early on in the process • Offering to absorb some of the seller's costs • Entering the homebuying pro- cess mentally prepared to lose • Exercising creativity throughout As for sellers, Redfin agents felt the following tips were beneficial: • Getting a room away from the property (such as a hotel) while prospective buyers view the property, thus allowing for more showings • Making sure the home is priced right to avoid scaring off pro- spective buyers • Knowing that price isn't every- thing, as sellers should consider the financial strength of the buyer, the optimal closing date, and buyer enthusiasm Sarah Webb, a Detroit-based Redfin agent, said, "When offers are really close, decide what your biggest motivation is for selling your home, and choose the offer that best accomplishes that goal."