{"id":72112,"date":"2021-02-23T05:00:25","date_gmt":"2021-02-23T13:00:25","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72112"},"modified":"2021-03-09T16:29:44","modified_gmt":"2021-03-10T00:29:44","slug":"agent-bidding-war-tips-2021","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/agent-bidding-war-tips-2021\/","title":{"rendered":"How to Win a Bidding War In 2021, According to Redfin Agents"},"content":{"rendered":"

Competition in the housing market is fierce. Here are nine unique strategies to help homebuyers win that don\u2019t require paying all cash or waiving contingencies.<\/span><\/i><\/h2>\n

Today\u2019s housing market is one of the most competitive in history. Remote work and record-low mortgage rates are prompting scores of Americans to relocate and purchase homes. The problem is that there aren\u2019t nearly as many homes for sale as there are buyers\u2014an <\/span>imbalance<\/span><\/a> that\u2019s fueling fierce <\/span>bidding wars<\/span><\/a>.<\/span><\/p>\n

\u201cIt’s the best and the worst time to buy,\u201d said <\/span>Faith Floyd<\/span><\/a>, a Redfin real estate agent in <\/span>Houston<\/span><\/a>. \u201cIt\u2019s the best time because mortgage rates are so low, and it\u2019s the worst time because everybody wants to take advantage of low mortgage rates.\u201d<\/span><\/p>\n

Even cash-rich buyers are getting outbid these days. <\/span>Arlington, VA<\/span><\/a> Redfin agent <\/span>Alyssa Rajabi<\/span><\/a> had a client who offered to purchase a four-bedroom <\/span>home<\/span><\/a> exclusively in cash and ended up losing to a buyer who had offered nearly double the $275,000 asking price. The <\/span>Falls Church, VA<\/span><\/a> home received a total of 129 offers.<\/span><\/p>\n

Boston<\/span><\/a> Redfin agent <\/span>Michael Gavrilles<\/span><\/a> said one of his buyers recently showed up to an open house in <\/span>Lancaster, MA<\/span><\/a> 45 minutes before the scheduled start time and ended up being 55th in line. The four-bedroom, two-bathroom ranch-style <\/span>home<\/span><\/a>, listed at $389,900, attracted 71 offers.<\/span><\/p>\n

\u201c<\/span>This home had the trifecta of being meticulously maintained, priced well and in a quaint town with highly-rated schools. Ask any first-time buyer what they\u2019re looking for and this property would be at the top of their list,\u201d Gavrilles said. \u201c Unfortunately, it\u2019s also exactly what someone who\u2019s downsizing and is flush with cash is looking for. First-time buyers are getting squeezed out of this market, or at least finding it near impossible to compete on a level playing field.\u201d<\/span><\/p>\n

Many buyers are becoming fatigued and disheartened after getting offer after offer rejected, so we asked Redfin agents to share the best <\/span>unique <\/span><\/i>strategies for winning bidding wars in 2021. The tactics below go beyond basic bidding-war techniques like waiving contingencies, offering all cash and\/or above the asking price and free <\/span>rent back<\/span><\/a>, though buyers should also consider <\/span>those strategies<\/span><\/a>, which are often highly effective. Each of the following tactics poses risks, some more than others. Before making any decisions, always be sure to seek the advice of your real estate, legal, and\/or financial planning professionals.<\/span><\/p>\n

1) Consider a condo over a single-family home<\/b><\/h3>\n

Single-family homes have been <\/span>all the rage<\/span><\/a> during the coronavirus pandemic, with so many Americans exchanging their cramped city apartments for extra space in the suburbs. In January, 58.7% of offers for single-family homes written by Redfin agents <\/span>faced<\/span><\/a> competition, compared with 54.8% for townhouses and 44.6% for condos.\u00a0<\/span><\/p>\n

Buyers who want a better shot at winning bidding wars should consider purchasing condos, which have attracted less competition during the pandemic because they often feature shared spaces and amenities. Condos have been selling for a record 17% <\/span>discount<\/span><\/a> to single-family homes, another potential draw for buyers.\u00a0<\/span><\/p>\n

\u201cSingle-family homes in <\/span>Seattle<\/span><\/a> are hot, hot, hot,\u201d said local Redfin real estate agent <\/span>Sarah Rollinger<\/span><\/a>. \u201cTownhomes are picking up steam, but condos are still 110% a buyer’s market. I have seen a lot of canceled condo listings, so we have quite a backlog of condo sellers on top of the current inventory.\u201d<\/span><\/p>\n

2) If you can\u2019t waive contingencies, sweeten them for the seller<\/b><\/h3>\n

Shorten the contingency timeline:<\/i><\/b> One of the best ways to make an offer more competitive is to waive <\/span>contingencies<\/span><\/a>, such as the inspection contingency and the appraisal contingency. Buyers who don\u2019t feel comfortable doing this can instead opt to expedite the contingency timeline, meaning they agree to wrap up their inspection or appraisal more quickly than normal.<\/span><\/p>\n

\u201cThe standard for an inspection contingency in California is 17 days, but every single time I send in a counter offer for one of my sellers, I ask if the bidder is willing to conduct the inspection in seven to 10 days,\u201d said <\/span>Sylva Khayalian<\/span><\/a>, a Redfin agent in <\/span>Los Angeles<\/span><\/a>.<\/span><\/p>\n

Sign a low-appraisal addendum:<\/i><\/b> If you can\u2019t waive the appraisal contingency, another option is to cover the difference if the appraisal comes in low. For example, if you offered $400,000 and the appraisal ends up at $375,000, you can agree to cut a check for $25,000 when the deal closes.<\/span><\/p>\n

3) Be open to making offers sight-unseen<\/b><\/h3>\n

Speed is key in a seller\u2019s market as competitive as this one. If you\u2019re interested in a home but live far away or just haven\u2019t been able to tour it, you can still throw your hat in the ring. <\/span>Video tours<\/span><\/a> and <\/span>3D walkthroughs<\/span><\/a> have made sight-unseen offers much more feasible during the pandemic. Almost two-thirds (63%) of people who bought a home last year made an offer on a property they hadn\u2019t seen in person, the highest share since at least 2015 and up from 32% a year earlier, according to a <\/span>survey<\/span><\/a> Redfin commissioned in November and December.\u00a0<\/span><\/p>\n

\u201cMy client<\/span> lost out on even seeing a house because the seller accepted an offer before starting showings,\u201d said <\/span>Colorado Springs, CO<\/span><\/a> Redfin agent <\/span>Ashley Farrell<\/span><\/a>. \u201cThe listing went active Tuesday and showings weren\u2019t scheduled to begin until Thursday, but the seller received five sight-unseen offers and was under contract by Wednesday afternoon. The winning bid was all cash, $45,000 over the $380,000 asking price, and waived the appraisal and inspection contingencies.\u201d<\/span><\/p>\n

House hunters can also stay on top of their game by monitoring \u201c<\/span>coming soon<\/span><\/a>\u201d listings on Redfin.com.<\/span><\/p>\n

4) Choose an agent and lender who are willing to communicate constantly with the listing agent<\/b><\/h3>\n

In a fast-paced real estate market, constant communication is essential. Buyers should work with agents and lenders who are willing to keep in contact with one another and with the listing agent in order to gather intel about what the seller is looking for, and ensure that the seller knows the buyer is serious.<\/span><\/p>\n

Use a local lender and ask them call the listing agent:<\/i><\/b> \u201cWhen I\u2019m dealing with a multiple-offer situation, a huge plus is when the buyer\u2019s lender contacts me to introduce themself and let me know that they\u2019re on top of everything,\u201d said Sylva <\/span>Khayalian, a Redfin listing agent in Los Angeles. \u201c<\/span>Sometimes I get calls from lenders before I even reach out to them to confirm a buyer\u2019s pre-approval, and I love that because it reassures me that I\u2019m not going to have any communication issues and makes the buyer\u2019s offer more competitive. It\u2019s also great when the lender is local because that means they know the ins and outs of the market.\u201d<\/span><\/p>\n

Ask your agent to follow up with the listing agent: <\/i><\/b>\u201cMy client kept getting beat due to their home-sale contingency, even though they were offering $30,000 over the listing price, waiving the inspection and offering an appraisal guarantee,\u201d said <\/span>Boise, ID<\/span><\/a> Redfin agent <\/span>Shauna Pendleton<\/span><\/a>. \u201cEach time, I called the listing agent and asked (begged) them to call me if the winning bidder was going to back out. I was calling each agent once a week to check on the status of the contract. One agent finally called me to tell me the current contract was terminating and she was giving us first rights to get our original offer accepted. The key to us winning this house was communication and persistence with the listing agent, as well as being available at a moment’s notice.\u201d<\/span><\/p>\n

5) Start low, bid high<\/b><\/h3>\n

A lot of successful buyers today win by making an offer that exceeds the asking price. This also means that a lot of buyers end up exceeding their budgets. To prevent this, <\/span>San Diego<\/span><\/a> Redfin agent <\/span>Jim Johnston<\/span><\/a> recommends searching only for homes that are $50,000 to $75,000 below what you can afford, so there\u2019s room to negotiate if necessary.<\/span><\/p>\n

Once you\u2019ve identified those properties and are ready to start bidding, research recent home sales in your area to determine how much the typical winning bidder is offering above the asking price, said <\/span>Raleigh, NC<\/span><\/a> Redfin agent <\/span>Pam Lewis<\/span><\/a>. Then offer more.<\/span><\/p>\n

\u201cIf most winning bidders in your area are offering 5% more than the listing price, then offer 6%,\u201d Lewis said. \u201cAnd make your offer amount an odd number.\u201d<\/span><\/p>\n

6) Consider releasing your earnest money early<\/b><\/h3>\n

Earnest money<\/span><\/a> is a deposit buyers put down to show sellers they\u2019re serious about purchasing a home. Typically, a buyer deposits this money into an escrow account when they go under contract on a home, and it\u2019s applied to the purchase price at closing. In today\u2019s competitive market, some buyers are offering to release these funds to the seller early as a non-refundable deposit\u2014typically within a few days of going under contract, according to Seattle Redfin agent <\/span>Heather Stovall<\/span><\/a>.\u00a0<\/span><\/p>\n

\u201cThis is an enticing offer for many sellers because it means they immediately receive and can keep the funds regardless of whether the transaction closes, and can put those funds toward the purchase of their next home if needed,\u201d Stovall said. \u201cOf course, releasing earnest money early can be a risky proposition for buyers. If a buyer\u2019s financing falls through or they lose their job and can\u2019t complete the purchase, they don\u2019t get the earnest money back after it has been released.\u201d<\/span><\/p>\n

7) Offer to pay some of the seller\u2019s costs<\/b><\/h3>\n

Homebuyers can make their offers more competitive by offering to pay for expenses that are typically covered at least partially by the seller. These costs can include transfer and recordation taxes, along with title insurance.<\/span><\/p>\n

\u201cOn a scale of 1 to 10, the competitiveness of today\u2019s market is a 10,\u201d said <\/span>Maryland<\/span><\/a> Redfin agent <\/span>Zachariah McBride<\/span><\/a>.<\/span>\u00a0 \u201cI have only won by having my buyers help the seller net mostly all of their money by covering taxes and paying above the appraised amount in the event of a low appraisal.\u201d<\/span><\/p>\n

8) Prepare to lose before you win\u00a0<\/b><\/h3>\n

With more than <\/span>half<\/span><\/a> of offers facing competition these days, it\u2019s more likely than not that you\u2019ll get into a bidding war if you\u2019re in the market for a home. Go into the process mentally prepared to lose more than once.\u00a0<\/span><\/p>\n

\u201cI have clients who have been trying to buy a four-bedroom single-family home in the $650,000 to $800,00 range since November. They started relatively conservatively, offering just over the asking price and maintaining some contingencies,\u201d said <\/span>Alexandria, VA<\/span><\/a> Redfin agent <\/span>Matt Ferris<\/span><\/a>. \u201cThree months in, they\u2019d submitted seven failed offers and came around to being very aggressive. They finally got an offer accepted on a home this month. The home they have under contract is very nice, but smaller than the first one they bid on, and they\u2019re paying $10,000 above what that first home closed for. They also had to bid on it sight-unseen before it came on the market and waive all contingencies. It’s a lesson in making offers as strong as possible early in the process.\u201d<\/span><\/p>\n

It\u2019s also wise to know when to walk away. It\u2019s OK to put your search on hold if you reach the point where you\u2019re not comfortable making the aggressive offers that are often necessary to win in today\u2019s market. You don\u2019t want to end up with <\/span>buyer\u2019s remorse<\/span><\/a>, after all.<\/span><\/p>\n

9) Get creative<\/b><\/h3>\n

Some buyers and agents are going to great\u2014and unusual\u2014lengths to win bidding wars. Here are a couple of fun examples:<\/span><\/p>\n

A frothy market:<\/i><\/b> \u201cI\u2019m working with a hop salesman who is offering beer tasting to the sellers.\u201d \u2014 <\/span>Ellen Hudson<\/span><\/a>, Redfin agent in <\/span>Portland, OR<\/span><\/a>
\n<\/span><\/p>\n

In it to win it<\/i><\/b>:<\/span><\/i> \u201cI researched the seller and found out he\u2019s a former professional athlete. I fine-tuned the offer so that his jersey number\u201464\u2014was included in the offer amount (964,000 Canadian dollars) and the deposit amount (64,000 Canadian dollars). We ended up beating out a higher, all-cash offer.\u201d \u2014 <\/span>Michael Craigmyle<\/span><\/a>, Redfin agent in <\/span>Vancouver, B.C.<\/span><\/a><\/p>\n

A few tips for sellers<\/span><\/h2>\n

Bidding wars are stressful for buyers, but can be overwhelming for sellers as well. Here are a handful of helpful strategies for sellers dealing with high demand:<\/span><\/p>\n

Get a room: <\/i><\/b>Plan to list your home on a Thursday and check into a hotel, stay with a family member, or leave town for the weekend while prospective buyers are touring the property. This allows for more showings and reduces stress. If you have a good listing agent, they\u2019ll be able to handle it without you.
\n<\/span><\/p>\n

Make sure the price is right:<\/i><\/b> It may be a seller\u2019s market, but that doesn\u2019t mean you should ask for the moon when pricing your home\u2014a tactic that can scare buyers off.<\/span>
\n<\/span>
\n<\/span>\u201cIt\u2019s very important to price your home in the `sweet spot\u2019 in order to drive demand and offers through the door. Not too high and not too low,\u201d said <\/span>Dallas<\/span><\/a> Redfin agent <\/span>Christy Mullins<\/span><\/a>. \u201cThis creates a buzz and brings a rush of buyers, who will likely bid up the price of your property as they compete with one another.\u201d <\/span>
\n<\/span><\/p>\n

But know that price isn\u2019t everything:<\/i><\/b> Sellers should consider many factors beyond just the offer price. Other key considerations include the financial strength of the buyer, the best closing date, and buyer enthusiasm.<\/span>
\n<\/span>
\n<\/span>\u201cOffer price is important, but the terms of the deal and the buyer\u2019s excitement about the property are just as important,\u201d said <\/span>Denver<\/span><\/a> Redfin agent <\/span>Antonio Ayala<\/span><\/a>. \u201cBuyers who really love the property are more likely to look past inspection issues and agree to terms that are beneficial to the sellers.\u201d <\/span>
\n<\/span>
\n<\/span>\u201cWhen offers are really close, decide what your biggest motivation is for selling your home, and choose the offer that best accomplishes that goal,\u201d added <\/span>Detroit<\/span><\/a> Redfin agent <\/span>Sarah Webb.<\/span><\/a><\/p>\n

Disclaimer: This article is for informational purposes only and is not a substitute for professional advice from a licensed attorney, financial planner, or real estate professional. Redfin strongly recommends prospective buyers consult with appropriate professionals when making homebuying decisions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Competition in the housing market is fierce. Here are nine unique strategies to help homebuyers win that don\u2019t require paying all cash or waiving contingencies. Today\u2019s housing market is one of the most competitive in history. Remote work and record-low mortgage rates are prompting scores of Americans to relocate and purchase homes. The problem is […]<\/p>\n","protected":false},"author":13346,"featured_media":72115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[23,60,8],"tags":[30,9,70],"dashboard":[],"coauthors":[125],"class_list":["post-72112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bidding-wars","category-coronavirus-housing-market-news","category-housing-market-news","tag-bidding-wars","tag-coronavirus","tag-home-buyer-tips"],"acf":[],"yoast_head":"\nHow to Win a Bidding War In 2021, According to Redfin Real Estate Agents<\/title>\n<meta name=\"description\" content=\"Competition in the housing market is fierce. 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