Top Strategies to Win Your Madison, WI Bidding War
The Madison real estate market is hot for sellers right now and buyers are finding themselves trapped in huge bidding wars. Some properties have had as many as a dozen or more offers after just one open house. It can be hard to deal with losing out on the bidding war over and over again.
It's just the start of the hot summer real estate season and you need to be prepared if you're shopping for a home in the Madison area. Whether you're looking in Fitchburg, Downtown or in Monona, there are several homes, but many more buyers. Expect a bidding war and use the following strategies to give yourself the best chance to win.
Have a Plan
You need a plan for shopping and bidding on the home of your dreams in Madison. This plan starts with a pre-approval from a lender. If you don't have one of these, you better have a suitcase full of cash to pay for the home (or at least have it sitting in the bank). You have to go into the bidding war armed and your pre-approval is your best weapon.
Hesitation is Costly
You cannot hesitate in the current market. You have to make an offer as soon as you're interested and you cannot wait. IF you hesitate to act, you could lose out as another offer could already become accepted before you even had a chance.
Hire a Good Agent
The right local real estate agent will make a huge difference. Not only will they be able to negotiate on your behalf, but they will also know exactly how to deal with bidding wars. You'll get good advice about whether or not to up your offer or even make an offer in the first place. Hire a good agent and you'll be well on your way to winning a bidding war soon.
Make the First Offer Clean
Don't waste time with an offer with all types of contingencies and a low-ball price. Right now, this type of offer will be lucky to even get considered. You have to make the offer clean or it may get rejected before you have a chance.
In a seller's market, consider taking the sellers concessions off your offer. You want to close quickly and so do they. Make this happen and cater to the seller with your offer if you want to win.
There are several things you can do in a sellers’ market to help your chances. If you're stuck in a bidding war, you have a better chance of winning with a good agent and a clean offer.