Don’t postpone your home purchase plans due to buyer competition

Don’t postpone your home purchase plans due to buyer competition
The high demand among homebuyers this year is due to the record-low mortgage rates. Still we observe that homes are not listed on sale as readily as they should be. Many potential home buyers find it difficult to purchase home with ease. Their home searching has come to a voluntary stall and that might not turn out to be a wise decision in the long run. Let’s find out why.

The delay we see in home buying these days is due to the buyer competition. If we go by recent data published by the National Association of Realtors (NAR), it takes 3.4 offers on average before a house is sold. This tells us that a home buyer has to compete with two to three buyers for a property.

According to a report from NAHB, buyers find it easier to find a home in their price range this year when compared to last year. But it also shows that the number of buyers getting outbid while making an offer to buy a property has also risen when compared to the last year. Bidding wars have become a major hindrance in letting buyers find a home of their choice.

The appreciation in the home prices won’t cease in the upcoming year of 2021. As the economy catches up gradually, the record low interest rates will also increase. Holding off on your home search will be a huge risk as the home prices will be higher with the passing months. Waiting out the competition and then being left with costlier properties to contend with is not worth it, so keep looking. This winter may turn out to be a great time to finalize buying of a home when still affordable.

No matter how challenging the bidding wars may be, they must not influence your decision negatively. When you have a right expert on your side, you will get a great deal of assistance in making a competitive offer and ending up finding a right home for yourself. We would be more than happy assisting and guiding you to find your dream home.