{"id":74018,"date":"2022-03-14T05:00:46","date_gmt":"2022-03-14T12:00:46","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74018"},"modified":"2022-03-11T13:49:20","modified_gmt":"2022-03-11T21:49:20","slug":"2021-bidding-war-strategies-all-cash","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/2021-bidding-war-strategies-all-cash\/","title":{"rendered":"All-Cash Homebuyers Are Four Times More Likely to Win a Bidding War"},"content":{"rendered":"

Cash is king when competing for a home, but a buyer\u2019s odds of winning a bidding war also increase significantly by waiving the financing contingency or conducting a pre-inspection.\u00a0<\/span><\/i><\/p>\n

Prospective homebuyers who offered all cash were more than four times as likely to win a bidding war as those who didn\u2019t in 2021, making it by far the most effective strategy to win a home when there are multiple offers.\u00a0<\/span><\/p>\n

Waiving the financing contingency and conducting a pre-inspection, both of which help a deal close faster, are also effective strategies. Buyers who used those strategies were 31% and 25% more likely to win than those who didn\u2019t, respectively. A financing <\/span>contingency<\/span><\/a> allows a buyer to cancel a deal if their loan doesn\u2019t come through by a certain date, and a pre-inspection means a buyer completes an inspection of the home before making an offer.\u00a0<\/span><\/p>\n

That\u2019s according to an analysis of thousands of offers written by Redfin agents on behalf of their homebuying clients in 2021.\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n
Bidding-war strategy<\/b><\/td>\nImproved a competitive offer\u2019s likelihood of success by \u2026 (2021)<\/b><\/td>\n<\/tr>\n
All cash<\/span><\/td>\n334%<\/span><\/td>\n<\/tr>\n
Waive financing contingency<\/span><\/td>\n31%<\/span><\/td>\n<\/tr>\n
Pre-inspection\u00a0<\/span><\/td>\n25%<\/span><\/td>\n<\/tr>\n
Waive inspection contingency<\/span><\/td>\nNo significant improvement<\/span><\/i><\/td>\n<\/tr>\n
Escalation clause\u00a0<\/span><\/td>\nNo significant improvement<\/span><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Escalation clauses (stipulating that a buyer is willing to increase their offer if a higher competing bid comes in) and waiving the inspection contingency (which allows a buyer to cancel or negotiate if there are repair issues) don\u2019t increase potential homebuyers\u2019 chances of winning a bidding war. That\u2019s likely because those strategies are so common in a competitive market, and often don\u2019t benefit one buyer relative to the competition.\u00a0<\/span><\/p>\n

Effective bidding-war strategies are especially important for homebuyers in today\u2019s market, with a <\/span>limited<\/span><\/a> number of homes for sale making each one a hot commodity. More than half of Redfin offers faced competition <\/span>each month<\/span><\/a> of 2021 and competition has intensified, with <\/span>January<\/span><\/a> marking the most competitive month on record. Competition for homes is contributing to rapidly rising home prices, with more than 30% of U.S. homes <\/span>selling above list price<\/span><\/a> each month last year. The share has since increased, climbing to <\/span>43%<\/span><\/a> in February.\u00a0<\/span><\/p>\n

Competition could ease some by the second half of the year if the supply of for-sale homes <\/span>increases<\/span><\/a> and mortgage rates <\/span>rise<\/span><\/a>, but bidding wars are still likely to be commonplace.\u00a0<\/span><\/p>\n

Redfin agents also recommend considering other strategies, such as offering more than the asking price and waiving the appraisal contingency<\/h4>\n

Buyers who can\u2019t afford to pay in cash can still find ways to stand out from the crowd.<\/span><\/p>\n

Fort Worth, TX Redfin agent <\/span>Amanda Peterson<\/span><\/a> said she always educates her clients about the likelihood of competition and advises them to get their finances prepared, especially in the current market where there\u2019s such <\/span>low supply<\/span><\/a>.\u00a0<\/span><\/p>\n

\u201cI let buyers know what to expect and try to prepare them, financially and emotionally. The home they\u2019re touring will probably sell for significantly over asking price,\u201d Peterson said. \u201cWe have detailed conversations about how much over asking price they\u2019re willing to go and which contingencies they can waive. If a buyer has a low down payment or another scenario that doesn\u2019t typically win a bidding war, I\u2019ve had success explaining buyers\u2019 unique situations to the listing agent and making it clear that their finances are reliable and the deal will close.\u201d<\/span><\/p>\n

Redfin agents also report that it\u2019s common to put in offers above the asking price\u2013which means buyers may want to start their search with homes listed <\/span>below <\/span><\/i>their price range. Many buyers are also waiving the appraisal contingency, which means the buyer commits to paying the agreed-upon price, even if the appraisal comes in lower. While Redfin\u2019s data doesn\u2019t track this strategy, it has become increasingly common in recent years, according to Redfin agents.\u00a0<\/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":"

Cash is king when competing for a home, but a buyer\u2019s odds of winning a bidding war also increase significantly by waiving the financing contingency or conducting a pre-inspection.\u00a0 Prospective homebuyers who offered all cash were more than four times as likely to win a bidding war as those who didn\u2019t in 2021, making it […]<\/p>\n","protected":false},"author":13153,"featured_media":74019,"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\/74018","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=74018"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/74018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/74019"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=74018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=74018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=74018"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=74018"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=74018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}