As you probably know, we are in the midst of a buyer AND a seller’s market at the same time currently. There are more home buyers in the Augusta housing market than there are homes for sale. Add in the fact that interest rates are still well below 4% in most instances I have observed lately, and you have a feeding frenzy of buyers when a new listing hits the market. However, there are a couple of ways to avoid this issue as a buyer and possibly find a good deal at the same time. How?
First, focus your search on homes that have been on the market two weeks or more. The major big box websites show how long each property has been on the market. Additionally, Augusta MLS numbers are doled out in numerical order, so the lower the MLS number, the older the listing, and likely the more motivated the seller. Home listings get the most attention/showings during the first two weeks on the market, so if you see a great house that appears to be reasonably priced, chances are EVERY other buyer did too and will be scrambling with their agent to set up a showing and put in their highest, best, and often most absurd offers in hopes of securing a home.
However, the initial feeding frenzy, even in a overheated market, slows down with time. Instead of 12 showings per day, there may be 1 or two, or none. Fewer showings almost always means fewer offers, and fewer offers, means you do not have to be quite as aggressive with your offer, and THAT means you get a better deal.
Another way to avoid bidding wars is simple: Buy new construction. The reason is that builders do not negotiate prices, and do not field multiple offers. The first person with earnest money and a prequalification letter from a bank gets the house. The process for buying new construction is the same as for any other home. Just call or text me the address or name of the neighborhood you are interested in, and I will happily go with you to meet with the site agent to discuss your options.
The bottom line: Strategy is everything when buying a home in our current market, so it is more important now than ever to trust an experienced professional to help you navigate the rough waters of a competitive real estate market.
Call me today, and I will connect you with a loan officer to get you prequalified, so we can get to work finding the right home for you and your family!