{"id":72254,"date":"2021-03-22T05:00:40","date_gmt":"2021-03-22T12:00:40","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72254"},"modified":"2021-03-19T15:40:02","modified_gmt":"2021-03-19T22:40:02","slug":"most-effective-bidding-war-strategies-2020-2021","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/most-effective-bidding-war-strategies-2020-2021\/","title":{"rendered":"All-Cash Offers Quadruple a Homebuyer\u2019s Chances of Winning a Bidding War"},"content":{"rendered":"

All-cash offers are most likely to improve a buyers\u2019 odds of winning a bidding war, followed by waiving the financing contingency, according to Redfin data. <\/span><\/i><\/p>\n

Prospective homebuyers who offer all cash nearly quadruple their chances of winning a bidding war, making it the most effective strategy tracked by Redfin to win a home in a competitive situation.\u00a0<\/span><\/p>\n

That\u2019s according to an analysis of data on thousands of offers written by Redfin agents on behalf of their homebuying clients from July 2020 to February 2021.\u00a0<\/span><\/p>\n

Finding ways to make a buyer\u2019s offer more attractive is particularly important in today\u2019s hot housing market. Nationwide, 56% of Redfin offers <\/span>faced bidding wars<\/span><\/a> in January, the ninth consecutive month in which more than half of home offers written by Redfin agents faced competition.\u00a0<\/span><\/p>\n

Waiving the financing contingency is the second-most effective bidding-war strategy, improving homebuyers\u2019 odds of winning by 66%. Including an escalation clause, waiving the inspection contingency and conducting a pre-inspection (meaning the buyer conducted an inspection before making an offer) had no significant impact on whether a prospective buyer wins a bidding war, according to Redfin data.\u00a0<\/span><\/p>\n

Although the data shows that waiving the inspection contingency and including an escalation clause don\u2019t up buyers\u2019 chances of winning a bidding war, that\u2019s likely because those strategies are so common in a competitive market. Many buyers waive the inspection contingency and include an escalation clause when they know a home will receive multiple offers, so neither strategy ups one buyer\u2019s chances over that of a competitor.\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n
Bidding-war strategy<\/b><\/td>\nImproves a competitive offer\u2019s likelihood of success by…. (July 2020 to Feb. 2021)<\/b><\/td>\n<\/tr>\n
All cash<\/span><\/td>\n290%<\/span><\/td>\n<\/tr>\n
Waive financing contingency<\/span><\/td>\n66%<\/span><\/td>\n<\/tr>\n
Escalation clause<\/span><\/td>\nNo significant impact<\/span><\/td>\n<\/tr>\n
Waive inspection contingency<\/span><\/td>\nNo significant impact<\/span><\/td>\n<\/tr>\n
Pre-inspection\u00a0<\/span><\/td>\nNo significant impact<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Redfin agents are reporting that well-priced single-family homes are receiving dozens of offers, and in some areas desirable homes are so competitive that they\u2019re selling for hundreds of thousands of dollars over asking price.\u00a0<\/span><\/p>\n

\u201cAll-cash offers are usually an effective bidding-war strategy, but the market is so hot that even the number-one strategy has evolved this year,\u201d said Orlando<\/a> Redfin agent Nicole Dege<\/a>. \u201cAll-cash buyers used to be able to go in a little below list price, but now I\u2019m seeing a lot of cash offers that are at list price or higher. Anything below list price, regardless of the terms, just can\u2019t compete.\u201d\u00a0<\/span><\/p>\n

Most buyers don\u2019t have the option to offer all cash, so many agents work with buyers to come up with <\/span>creative ways<\/span><\/a> to make offers attractive.\u00a0<\/span><\/p>\n

\u201cI do my best to help my buyers identify what the seller is most looking for in an offer and try to make that happen,\u201d said Rachel Wilson<\/a>, a Redfin agent in Spokane, WA<\/a>. \u201cIt\u2019s important for buyers to sweeten their offer in any way they realistically can. Sometimes that\u2019s more cash, sometimes it\u2019s waiving contingencies, but other times it\u2019s a matter of figuring out what the seller wants, like a fast close or a provision to allow the sellers to rent the home back for a few months.\u201d\u00a0<\/span><\/p>\n

According to Redfin agents, many winning offers in recent months also waive the appraisal contingency, which can involve putting additional cash on the table.<\/span><\/p>\n

\u201cI educate my buyers on the market so they\u2019re not shocked when listing agents ask them to waive the appraisal contingency, which is often necessary in a competitive market because sale prices can be bid up well over the appraised value,\u201d said San Diego<\/a> Redfin agent Jim Johnston<\/a>. \u201cWhen that happens, sellers want to know buyers have the cash to cover the difference between the appraised value and the sale price. I recommend my buyers look at homes listed about $75,000 below their budget so they have room to negotiate.\u201d<\/span><\/p>\n

Every home sale is different. If you encounter a bidding war, talk to your local Redfin agent to come up with the most effective combination of strategies for you.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

All-cash offers are most likely to improve a buyers\u2019 odds of winning a bidding war, followed by waiving the financing contingency, according to Redfin data. Prospective homebuyers who offer all cash nearly quadruple their chances of winning a bidding war, making it the most effective strategy tracked by Redfin to win a home in a […]<\/p>\n","protected":false},"author":13153,"featured_media":72256,"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 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For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.","url":"https:\/\/www.redfin.com\/news\/author\/dana-andersonredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/72254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=72254"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/72254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/72256"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=72254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=72254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=72254"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=72254"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=72254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}