The housing market is still in the early spring of recovery, but if you’re a buyer, you know it’s already hot out there.
Very tight supply in markets across the nation is leading to bidding wars. Half the homes sold by real estate brokerage Redfin in the past three months had multiple offers. One-third of all U.S. properties sold in March went at or above asking price, according to the National Association of Realtors. That’s hot. So how do you emerge the winner in a bidding battle?
1. Get your financial house in order—and get as much cash as you can carry
2. Come in fast and strong
3. Escalation clause
5. Show the love
6. Be smart, not sappy