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Houses for Sale in Indianapolis: Bidding Strategies for Homebuyers

The housing market is in its best shape yet, bouncing back strongly from the crash in 2008. With lenders equally willing to lend a hand, buyers have come out on the lookout for new homes and fair deals. If you’re selling, this is good news. If you’re buying, you’ve got competition. Since you’re not the only one whose eyes are on houses for sale in Indianapolis, or houses on the market across the U.S., you’re bound to find yourself in the middle of a few bidding wars for a good home. Here are some bidding strategies that could put you on the winning edge.

Houses for Sale in Indianapolis Bidding Strategies for Homebuyers

Get Your Finances in Order

No seller can take you seriously if you don’t show you’ve got the cash (or good credit) to back you up. As with any deals, money talks. Before you set out to find your dream home, get pre-approved. That shows you’ve got your back covered by a lender that has vetted your finances. Cash certainly makes for smoother transactions, but whichever financing option you choose, make sure that you are not overspending.

Get to Know the Market

In real estate, to know the area is to have won half the battle. The housing market is quite unpredictable. In some places, the market is red hot, while in some others, it’s not. It pays to know the area you are shopping in. For that, you’ll need a good real estate agent, such as Berkshire Hathaway Home Services, to recommend neighborhoods more in line with your own lifestyle preferences. Your agent should be able to tell you where to find good houses for sale in Indianapolis with the amenities that you want within walking or short driving distance.

Get “Cozy” with the Seller

Sellers like buyers who know exactly what they want. If you’re going to be up against other buyers, you’ll gain the upper hand by getting to know the seller. Find out if the seller has a deadline for submitting offers, or if there are other preferences that you could take advantage of. This way, when you hand in your offer, it doesn’t get overlooked among all the others.

Get Your Game Face On

When it’s time to make the bid, you need to make a good offer – make a reasonable one that doesn’t go over your budget, and is not so low that it gets buried under higher offers. Make it a fair and solid number that stands out. Let the seller know that you are serious about getting the house.

 

Sources:

How to win a bidding war in today’s outrageous housing market, HousingWire

How to Lose a Bidding War (but Also How to Win One), www.Realtor.com

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