Homebuyers, How To Win A Multiple Offers Situation In 2022

Anyone who is a buyer in the real estate market knows there’s very little property inventory.

Since the Summer of 2019, real estate inventory has decreased, & the sellers’ market is out of control. Just to put it in perspective, the inventory in February 2019 was 6,189. Inventory in February 2020 was 4,510. Inventory in February 2021 was 2,053, and the last report from December was 1,594. That’s almost a ¼ of the inventory compared to what was available 3 years ago.

Low inventory guarantees sellers’ multiple offers. Buyer’s here’s what you need to do.

1.  You will need to offer over the asking price.  

2.  Waive the appraisal contingency (be prepared to put more money down toward the down payment).  

3.  Waive the property inspection contingency or at least narrow it down to 5 days or less.  

4. Some buyers have offered to allow the seller's up to 30 days to move or do a lease back for many days. 

It’s a sellers’ market & will be for 2022.  As a Realtor, I am showing a home within hours of the home hitting the market.  I’m checking my phone for “Alerts” as properties become available.  Realtors are receiving smaller commissions, working harder, & writing extra offers for their clients.  Most buyers are making offers on at least 3 properties if not more, to win a bid.  Another hot tip for buyers, make a loan application with their lender now.  Work towards a loan approval, while looking for a home.  Write a personal letter to the homeowner & have your Realtor share this with the listing Realtor.  Typically when you’re looking at a home, there are multiple buyers at the property before, during & after your showing.  Being a Listing Realtor can be stressful too.  

Can you imagine multiple offers to review with me?   How about 30 to 45 offers in 2-3 days, Crazy?  It’s happening right now.

If you need a selling agent that knows how to pick the best offer for you or need a buying agent that can win you the deal, please contact me, (727) 410-8599.

It all starts with a conversation. Know your options, and then make the right decision that works best for you.