The Winning Bid: Competing With Other Buyers to Buy a Home in the Las Vegas Real Estate Market
Las Vegas Real Estate Market
Getting the home you dream home is hard. 5 out of 15 others are thinking the same too. Bidding in real estate is much like having fifteen soon to be married brides all eyeing the same wedding gown, with only five left in stock. To be honest, it can get too ugly. In most cases, it is one of the most stressful times for buying a home. The bidding war winds up being near the point of a do or die war. People become willing to pay anything to win.
A newly advertised home, in an ideal location plus a fair price tag, is the wedding dress. This home could be worth the battle especially if it meets all your criteria. 5-15 others come to bid for the same property each with the same interest of ending up having the property. More people will mean more stress, worry, and anxiety.
The Las Vegas real estate market is having a housing shortage bringing about many bidding wars. People are buying houses with good prices within a day. Experienced realtors are using this opportunity to ensure that their property draws heavy traffic. At the same time, they keep the opportunity window tight encouraging the bidding wars.
How can you stand out from the crowd to win the bid in the Las Vegas Real Estate Market?
Well, there is no specific and clear answer to this question, even for investors who have ready cash. Just remember that bidding wars can be heartbreaking, difficult and very annoying. You are competing against bidders you do not know. You also will have no idea of what they are bringing on board to win the war. The listing agents will most likely give vague advice. The listing agent may remain neutral and will give all the prospects the same tactics of being the best bidders. This occurs in order to secure the highest bid possible for their client.
The secret is “never give up”. You might not win with the first few tries. However, as you keep trying you will develop strategies that will help you emerge successfully. AterAftere time. the following steps can help during the bidding war process:
Get a pre-approval before you start bidding in the Las Vegas Real Estate Market
If there is a buyer that is offering cash then you are in hot soup. Most people don’t have ready cash and they have to get financing. Ensure you get a go-ahead of finances before you join the bidding war. Get a pre-approval from your loan officer
before you start to write offers. This is due to the fact that the seller will need proof that you are ready to close the deal. Be clear on this and show a pre-approval.
Have an agent to represent you in the Las Vegas Real Estate Market
A good realtor with skills and experience will help you to make an offer that will rise above the rest. After conversing with the listing agent they will understand what the seller might be looking for. This part of the process is crucial. During that initial contact, your realtor will have the ability to read between the lines. Depending on what the other agent tells them about the property. The highest offering price counts, but there are other factors that sellers consider. An experienced agent participated in many bidding wars in hotter markets so they can come up with a better strategy. Trust and listen to them.
Get set to be uncomfortable in the Las Vegas Real Estate Market
After winning the war, the buyer will always feel anxious and a slightly remorseful. Sometimes even begin feeling like they have overpaid for the property. At times it is worse to throw in the towel. Know when to say enough is enough when things get to a certain point. That is not giving up but being wise so that at the end you don’t end up regretting. If you keep holding on to the bid you might end up overpaying for the property. Know when the rubber is too stretched and quit pulling. You know what your limits are so only you can call it off when it gets too much. And luckily before you close, there will be chances during your due diligence period. These chances are when you will order your home inspection & appraisal. You may still walk away during the due diligence if the home does not pass inspections.
Luckily, the hot Las Vegas real estate market is a great investment. Tie your laces tight and get in the ring, the wars are never comfy but their results are very rewarding.