- 55% of August 2020 home sales resulted in a bidding war, AND
- 69% of homes sold were on the market for less than a month.
With so few houses available today, competition is heating up among homebuyers. Be ready for a bidding war with these three tips.
- Get Pre-approved. A mortgage pre-approval shows that a loan officer has reviewed your finances and determined your ability to get a home loan.
- Know What You Can Afford. Be prepared to cover monthly expenses beyond your mortgage, like general upkeep, utilities, and other unexpected repairs.
- Make Your Best Offer. On average, there were over three offers for every home sold in August. If your offer isn’t competitive, it probably won’t be considered.
?PRO TIP: Only 44% of today’s prospective homebuyers plan to apply for pre-approval when beginning their home search. Pre-approval helps you stand out as a qualified buyer.
? PRO TIP: Getting serious about your budget now means you’ll have more money for a down payment and a clear idea of your maximum offer price.
? PRO TIP: Your real estate can help you determine what factors might make your offer more enticing, like: flexible move-in dates, a competitive offer price, and minimal contingencies.
Being prepared means you’ll be able to move quickly and confidently in today’s competitive market.
Sources: NAR, BOA, Realtor.com, NASDAQ.
Real Estate News
- Home prices up in August 5.9% year-over-year.
- CoreLogic U.S. Home Price Index annual growth at highest level since June 2018.
- HPI Forecast predicts home price growth will slow over the 12 months through August 2021 with price declines in 27 states.
Local Greenville SC News
Compadres Mex Mex Grill closes after 13 years in downtown Greenville SC. Owner Octavio Ramirez is saying goodbye to his regulars. His decision to close came amidst several factors; more taco-centric restaurants moving in, the cancellation of the baseball season and the challenges of COVID-19. He and his family have decided to concentrate on their Cherrydale Crossing location.
People are on the move and I am ready to help you buy or sell in the Greenville area. Please contact Victoria Cottle by email thevictoriacottlegroup@gmail.com or call (864) 275-3953 for your real estate needs in the Upstate of South Carolina!
Victoria Cottle is a Realtor® in the Greenville South Carolina area and if you, a friend, or a family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.