Fear Multiple Offers No More.

Multiple-Offers-Tomlin-TeamOver our years in this business, we’ve noticed several misconceptions and fears pertaining to real estate. One particular fear we’ve noticed of-late in our current Dallas/Fort Worth real estate market is causing many buyers to miss out on possibly owning the property of their dreams.

What is this fear? Multiple offers (or what some call “bidding wars”).

We’ve seen buyers not even attempt to purchase a property they loved because there was a potential for multiple offers on that property. The mere possibility of multiple offers scared them away – and that simply does not have to be so.

Let’s lay out the facts in order to address this fear. That’s how we do business. Because, as Philip Yancey so aptly stated, “Knowledge can dissolve fear as light destroys darkness.” Fears lose their power in the light of knowledge:

  • What many call bidding wars is simply multiple offers. Bidding wars could be compared to people raising their bids at an auction. Multiple offers are where buyers submit their highest & best offer hoping they get chosen over other offers.
  • As home listings are scarcer and buyer demand remains high, home shoppers are finding a lot more competition this spring, particularly in hot real estate markets like ours here in Dallas/Fort Worth.
  • An improving job market, growing consumer confidence, and the threat of rising mortgage rates have Americans flocking to housing.
  • In certain price points, homes are selling at a rapid clip. Many listings attract dozens of offers.  In March 2017, the days on market statistics for homes in certain Collin County price points were:
    • $100,000-$199,999: 27
    • $200,000-$299,999: 21
    • $300,000-$399,999: 56
    • All price ranges: 44  {Source: North Texas Real Estate Information Systems (NTREIS)}
  • A current dilemma in the DFW housing market is that homeowners are reluctant to sell their existing home because they’re unsure of where they’d move to with the current low inventory. Hesitancy of knowing where they’re going, being able to afford that home and fear of multiple offers is keeping many sellers on the fence about selling.
  • While sellers are losing their nerve, buyer confidence has climbed since the November election, hitting a new high in February, according to Fannie Mae, which began its sentiment index in 2011.
  • The unemployment rate is at 4.7 percent and business confidence has soared amid President Donald Trump’s vows to lower taxes, increase infrastructure spending and trim regulations. Rents are also at a record high, making ownership more attractive.
  • In Dallas/Fort Worth real estate – and particularly in Collin & Denton County – there is an increasing inventory of new construction that may be a good option for buyers who want to avoid multiple offers altogether. Check out our tips on navigating new construction HERE on our website.

So what is the solution if you are a buyer in this situation in the DFW metroplex real estate market? Finding a property you and your family love but fearful of multiple offers?

Simply this: The Tomlin Team.

We gather and present the facts and address your fears by offering solutions and alternatives that work best for your unique family and situation. We have successfully navigated hundreds of families just like yours through the multiple offer process with wisdom, experience and peace of mind. Absent of fear. Full of trust and confidence.

And we are ready to help your family, too.

Thinking of selling?
Click HERE to obtain a thorough report of what your home is worth – today!

Time to buy?
We have an invaluable Spring 2017 Buyer’s Guide special report for you! Click HERE to receive your copy!

Contact us today if we can assist you!

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