Wait, you just lost out on a house and are trying to figure out how to avoid a bidding war? Out of the blue, we started having bidding wars in unexpected areas OUTSIDE of Seattle. Ugh! This again! Luckily for our Seattle home buyers, we have always had secret ways to support our clients who want to avoid being part of the multiple offer mayhem. Here are the tips and tricks to help you navigate the 2024 Bidding War market in Seattle.
Start Here With Kim’s Video About How to avoid a Multiple Offer aka a Bidding War
How can you avoid a bidding war in 2024’s competitive real estate market in Seattle? First, you need to know that fixer-uppers are your friends as these can often be overlooked by other buyers. On that note, you’ll also only want to look at homes that have been on the market for 15 days or longer. Another tip is to consider buying a condo or a townhouse, versus a single-family home; there’s way more competition for single-family homes right now. There’s also a ton of new construction popping up in the city, so take a closer look at these brand new options!
In this guide, we’re sharing our secrets for how to avoid a bidding war right now. These juicy tips include:
- Fixers Are Your Friends
- Only Look at Homes That Have Been on the Market for 15 or More Days
- Look at a Condo or a Townhouse
- Explore New Construction
- We Are Here to Help
How to Avoid a Bidding War in 2024’s Competitive Real Estate Market
Who needs to avoid a bidding war in Seattle? Not every buyer has 20% to put down and can compete competitively with other buyers. Many of our buy-up buyers and our downsizers have most of their money in the homes they own. Coming up with a huge chunk of change to make this move is really tough. In addition, VA and FHA buyers have a tough time competing in a bidding war. Many sellers do not want to deal with financing that is not purely conventional. Hence over the years, we have honed a couple of ways to help our client navigate avoiding a bidding war in 2024.
Let’s dive in!
Fixers Are Your Friends
Look for properties that could use a little love and attention. Whether they’re slightly outdated or in need of some repairs, these “fixer-upper” homes can often be hidden gems. Or as we like to call it “time to get your lesbian badge” homes.
Only Look at Homes That Have Been on the Market for 15 or More Days
Properties that have been on the market for 15 days or longer are prime candidates for negotiation. These sellers may be more willing to entertain offers that don’t spark bidding wars. Keep an eye out for these opportunities so you can swoop in and secure a great deal.
Look at a Condo or a Townhouse to Avoid a Bidding War
There are so many options. You’ll find condos that are categorized as townhouses. There are townhouses that are condos. Take a look at resale townhouses and condos, and brand-new townhouses. There are even little cottage condos. There’s also so much new construction out there. You could pick whatever you want in almost any neighborhood you want if you want to buy a condo or a townhouse.
And let’s be honest! There is so much variety on the market right now. One more note about condos: Everyone has been fleeing condos. This is a very rare opportunity to buy a gorgeous home that’s just steps to everything. Do not miss out on this opportunity!!!
Explore New Construction
With an abundance of new construction projects popping up across the city, now is a great time to consider buying brand-new. From sleek modern condos to charming cottage-style homes, the options are endless. By purchasing a new construction property, you can avoid the bidding wars associated with traditional single family homes. The other bonus of buying a new construction home is that many builders are offering financing options to make it easier to buy a townhouse or a brand new home in the burbs.
We Are Here to Help You With How to Avoid a Bidding War
If you’re feeling overwhelmed by the prospect of navigating the real estate market solo, don’t fret – we’re here to help. Our comprehensive guide to buying a home in Seattle covers everything you need to know, from finding the perfect property to negotiating the best deal. Leave a comment below, and we’ll send you a copy of our exclusive guide to help you navigate the home-buying process with ease.
Now You Know How to Avoid a Bidding War in 2024’s Competitive Real Estate Market
By following these strategies, you can position yourself for success in 2024’s competitive real estate market. With a little patience, perseverance, and expert guidance, you can find your dream home without getting caught up in a bidding war. Happy house hunting!
We hope these tips and tricks will help you during your home-buying process. As usual, we are here to help with anything you might need. Your best step is to make sure you are working with a Team Diva team member who can help you navigate this process.
Feel free to contact us directly at thediva@teamedivarealestate.com or call/text 206-271-0264.
