Advice for homebuyers as VB experiences some of the highest auction war rates in the country
VIRGINIA BEACH, Va. (WAVY) – Buying a new home won’t be a walk in the park, especially in Virginia Beach, where the city is one of the 10 cities in the nation with the highest bid war rates.
According red finVirginia Beach ranks eighth in the nation for cities with the highest bidding war rates in the nation, with 75% of bids facing competitive bidding wars.
Marketing Director Barry Jenkins of the Better Homes & Gardens Real Estate Hampton Roads office says this is primarily due to the large influx of military populations coming to Hampton Roads who need to buy a home fast.
“Everything listed will last about 15 days, and it will be gone,” he said. “It creates an environment where there are a lot of people who want to buy and where there just aren’t enough homes to buy yet. And that creates an environment where people are fighting over the same house.
Virginia Beach may be experiencing these high rates, but many other cities are facing similar situations for homebuyers.
He shares some important tips for local buyers so they can beat the competition and land their dream home.
Every detail counts
With such high demand for homes, every detail of the offer counts in order to beat the competition.
“The type of loan you use, how much you offer, are there any inspections? And so, as a homebuyer, that puts you in a situation where you really have to analyze everything on offer,” Jenkins said.
Jenkins also suggests that buyers deliver offer documentation early to show the seller how serious they are about buying the home.
Call the seller
Every seller wants more than the maximum amount of money they can get for their home.
“Some people want a quick shutdown. Other people need more time to move. If you can afford it, make a big deposit, it’s called an earnest money deposit. And it shows you’re serious and really want to buy the house,” he said.
Appealing to a seller’s specific needs can help buyers beat the competition.
Don’t be afraid to wait
With the speed with which homes are being sold, it is easy for many people to quickly switch to a home they are interested in by placing an offer.
Even though the market is so competitive, Jenkins says waiting a week isn’t necessarily a bad thing.
“Maybe instead of looking at homes the second they come out, maybe wait a week. If he’s still there, then maybe that’s a better home for you because you might be able to get a little help,” Jenkins said.
Get as much help as possible
Jenkins also recommends that buyers have very attentive agents who are able to relieve them of stress and burden. Sellers can manage ever-changing details while buyers can focus on other details to understand.
He also recommends that buyers ask their bank or mortgage company to vouch for them to a potential seller. This not only shows serious interest in a home, but it could also set buyers apart from the competition.
Jenkins also cautions against placing bids on homes with canceled inspections.
keep hope alive
Just because homes are selling fast and a buyer may lose their dream home, stabilize the price. There is always a chance to find another great house just around the corner.