Jeff Cost

Cincinnati Home Loan

  • Home
  • About
    • About Us
    • Privacy Policy
  • Blog
  • Resources
    • First Time Seller Tips
    • First Time Buyer Tips
    • Home Appraisal
    • Loan Checklist
    • Loan Programs
    • Loan Process
    • Mortgage FAQ
    • Mortgage Glossary
    • Get a Rate Quote
    • What to Expect at a Loan Closing: A Step-by-Step Guide
  • Apply Now
    • Online Application
    • Home Purchase
    • Home Refinance
    • Loan Comparison
  • Reviews
    • Leave a Review
  • Contact

A Bidding War Is Taking Place Among Homebuyers

August 18, 2020 by Jeff Cost

A Bidding War Is Taking Place Among HomebuyersWhile businesses have fallen on hard times during the past few months, there are signs that the economy is going to start to recover quickly. This could mean that homebuyers are entering the market again as well.

With summer being a historically hot time for homebuyers all over the country, there are a lot of experts saying that buyers need to get ready for a bidding war.

There are not a lot of homes on the market right now, as sellers are still a bit reluctant to put their homes back on the market with the economy just starting its recovery process.

The end result is that there is a disconnect between supply and demand. This imbalance is causing home prices to climb upward as homebuyers get into a bidding war.

Homebuyers Might Be Surprised

Many homebuyers are surprised that prices are actually rising instead of falling. When the last recession hit, home prices actually fell significantly. This is because mortgage defaults were the cause of the last recession, which is why home prices fell so dramatically.

The cause of this economic downturn is different. Due to a limited supply of homes, this is leading to more competition among homebuyers. This leads to more competition, handfuls of offers for a single home, and a bidding war. In order to find the right home, there are a few tips that homebuyers need to keep in mind.

Put Forth A More Competitive Offer

Those who are looking for a home right now need to place themselves in a position to compete against multiple offers from other homebuyers. Some of the most important tips to follow include:

  • Hire a local expert who understands the state of the market right now who can help homebuyers find the right home. Right now, the real estate market is not normal. It takes an expert to understand the ins and outs of buying a home in this market.
  • Get pre-approved from the market to make sure the offer looks serious to the seller. Those who get pre-approved from a lender will demonstrate a strong desire to buy, pushing their offer to the top.

There are ways to put forth a competitive offer even in this challenging real estate market.

Filed Under: Mortgage Tagged With: Home Buying, Mortgage Tips, Pandemic

Jeff Cost
Sr. Loan Officer

Cincinnati, OH Mortgage Lender
NMLS# 21688


jeffrey.cost@ccm.com

Call (513) 403-6260
Fax (941) 567-5222

Cross Country Mortgage

How can I help?

Connect with Me!

Browse Articles by Category

The Latest Articles

  • How Property Taxes Impact Your Mortgage Payment
  • The Impact of Inflation on Mortgage Rates and Home Affordability
  • How to Pay Off Your Mortgage 10 Years Early Without Extra Payments
  • Will Multiple Mortgage Applications Hurt Your Credit Score?
nmlsconsumeraccess.org
Equal Housing Lender

Our Location

CrossCountry Mortgage, LLC
4050 Executive Park Drive, Suite 220
Cincinnati, OH 45242

Personal NMLS21688 Branch NMLS2458257
Company NMLS3029

Copyright © 2025 · Powered by MySMARTblog

Copyright © 2025 · Genesis Sample Theme on Genesis Framework · WordPress · Log in