Virginia Beach bidding wars are not uncommon, and homes often sell for well above the asking price. The City of Virginia Beach VA is one of 10 US cities with the highest bidding war rates in real estate.
Virginia Beach ranks number 8, according to Redfin, among cities with the highest bidding war rates nationwide. More than half of real estate offers, in fact, 75%, face competitive bidding wars.
Better Homes & Gardens Realty Chief Marketing Officer and top realtor Barry Jenkins have mentioned the large inflow of military populations coming into Virginia Beach and the Hampton Roads region with their families, who are in a rush to quickly buy a new home.
Let’s also not forget the pandemic that has transformed work modes into hybrid or totally remote, that is, working from home, or online. This has brought the owning versus renting question to the surface. Residents weigh their options, monthly rent versus mortgage rates, and decide on the latter, thus, adding to the populace of house-seekers and home buyers.
Barry says that listed properties last, at the longest, 15 days, thus a situation emerges where there are more people wanting to buy than homes available for purchase. That makes these prospective buyers competitors for the same property.
How to win these highest bidding war rates and nab your dream home
So how can you hope to beat the competition? Barry Jenkins – Better Homes & Gardens Real Estate | Real Estate Agents in Virginia Beach, VA and his team continue to lead the competition in the highest bidding war rates in Virginia Beach real estate. So it’s just to be expected that the best advice to beat the competition and get your dream home would come from him!
Virginia Beach bidding wars are becoming increasingly common, as buyers compete for a limited number of homes. While bidding wars can result in higher prices for buyers, they also provide an opportunity for sellers to maximize their profits.
Tips from Barry Jenkins – Better Homes & Gardens Real Estate
Every detail matters
The demand for homes in Virginia Beach that high, it is important not to miss out on any detail, if you want to win this competition. Details like the type of loan you will use, the amount of your offer, and home inspections, cannot be taken lightly.
A home buyer needs to really analyze everything concerning the offer, Barry says. He also strongly recommends that you hand in the documentary requirements as early as possible to show the seller or the seller’s real estate agent your serious intent about buying the house.
It’s also important to have a realistic idea of what you’re willing to pay for a property, and be prepared for Virginia Beach bidding wars to secure your dream home.
Appeal to the seller
Property sellers want other things aside from the highest amount they could receive for selling their homes. There are those who want to close as fast as possible. Some homeowners prefer not to move to a new home in a rush. Barry suggests, thus, if you can afford to, put down a big deposit. Called an earnest money deposit, it shows that you earnestly do want to purchase that home.
When you appeal to the sellers’ particular needs or requirements, you have a higher chance of beating the competition.
Don’t be afraid to wait
Despite the rising interest rates and mortgage rates, houses sell fast and a good number of new homebuyers get to move into the homes they are interested in by placing a high offer. Barry, however, says that waiting it out, even a week, is not necessarily going to be a bad thing for you in the current competitive market.
Don’t look at houses immediately when they’re listed, wait maybe a week. If it is still there even after a week, then it could turn out to be better for you, i.e., a better choice because by then you might have more opportunities to get some support or assistance.
Get as much help as you can get
Jenkins also recommends that buyers hire very attentive real estate agents who are able to take the stress and burden off of them. The sellers can deal with the ever-changing details while buyers can focus on other details to figure out. He also recommends that buyers have their bank or mortgage company vouch for them to be potential sellers. That not only shows serious interest in a home, but it could also set buyers apart from the competition. Jenkins also cautions against placing offers on homes with waived inspections.
As a top agent himself, Barry Jenkins recommends you get a real estate agent who will be attentive to and will make your interests a priority, therefore easing you of the stress and burden of house hunting and the process of home buying. Sellers can cope with and manage details that keep changing and the buyers can direct more attention on dealing with other details, as well.
Furthermore, Barry recommends that buyers get their bank or mortgage loan officer to vouch for their capacity to the prospective seller. Ask for a Preapproval Letter to be issued to you to present to the seller. This will prove your sincerity of intent and also set you apart from your competition.
Keep hope alive
Lastly, Barry reminds potential buyers and home-seekers not to lose heart because of how quickly Virginia Beach houses get purchased, thinking that their dream home was left in their grasp. He says there is always another opportunity to find a great house that you will make into your dream home, maybe just have to find a reliable real estate agent in Virginia Beach. Search for your ideal homes in Virginia Beach neighborhood.
