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 10 cities in the country with the highest bidding-war rates.
According to Redfin, Virginia Beach ranks number eight in the country for cities with the highest bidding-war rates in the country, with 75% of offers facing competitive bidding wars.
Chief Marketing Officer Barry Jenkins with Better Homes & Gardens Real Estate Hampton Roads office says it’s mainly due to the high influx of military populations coming to Hampton Roads who need to quickly buy a home.
“Everything that lists will last about 15 days, and it’ll be gone,” he said. “It creates an environment where there’s plenty of people that want to buy and there’s just not enough homes for them to buy just yet. And that creates an environment where people are competing for the same home.”
Virginia Beach may be seeing these high rates, but many other cities are facing similar situations for homebuyers.
He is sharing some important tips for local homebuyers so they can beat out the competition and land their dream home.
Every detail matters
With demand so high for homes, every detail for the offer matters in order to beat out the competition.
“The type of loan that you’re using, how much you’re offering, are there inspections? And so, as a home buyer, it puts you in a situation where you really do need to analyze everything about the offer,” said Jenkins.
Jenkins also suggests buyers turn in documentation for the offer early to show the seller how serious they are about buying the home.
Appeal to the seller
Every seller wants something else besides the most amount of money they can get for their home.
“Some people want a quick closing. Other people need more time to move out. If you have the means, put a big deposit down, it’s called an earnest money deposit. And that shows that you’re earnest and you really do want to purchase the home,” he said.
Appealing to a seller’s specific needs may help buyers beat out the competition.
Don’t be afraid to wait
With how quickly homes are being sold, it’s easy for a lot of people to quickly move on a home they’re interested in by placing an offer.
Even with the market being 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 it’s still there, maybe then that’s a better home for you because you might be able to get a little bit of assistance,” said Jenkins.
Get as much help as you can get
Jenkins also recommends that buyers have very attentive 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 a potential seller. 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.
Keep hope alive
Just because homes are going fast and a buyer may lose out on their dream home, steady the course. There’s always a chance of finding another great home right around the corner.