How To Win Bidding War House in Houston For Sale
5 effective tips to win a Houston real estate bidding war.
Hot Houston real estate market means more competition.
Last year was a record-breaking year for the Houston housing market, fueled by more than 85,000 added new jobs and continued low-interest rates.
Houston’s home inventory is now 23% lower than the national average with only 3.7 months of single-family home inventory for sale – a 14-year low.
Because Houston is adding 1,400 new residents per day and there is such little inventory for sale, we have the tightest home buying market in the past 15 years.
“Paige and her team are knowledgeable, attentive, responsive, and patient. The HoustonProperties.com team put us into our first dream home, and due to that experience, we’ve returned to them time and again for our real estate needs. While the team’s focus is on completing your deal, their endgame is to ensure your needs are preserved and satisfied.” - Peter McGillivray & Jillian Jopling
Table of Contents
- Know How To Compete Intelligently In A Hot Market
- Successfully Buy a Houston Home
- The Best Houston Realtor to Sell Your Home
Know How To Compete Intelligently In A Hot Market
To get personal advice on the bidding on a certain Houston property or neighborhood, contact Paige Martin at [email protected], one of Houston’s best realtors and one of the top-ranked Realtors in the United States.
Historically, people have both made and lost the most money in "hot markets." The difference between buying the right home at a fair price and buying the wrong home or paying the wrong amount can cost hundreds of thousands of dollars.
Here are five tips to help decide when and how to bid and when it is better to walk away.
1. Understand your local market.
On average, there are 3.7 months of inventory of single-family homes in Houston. It’s unlikely that the neighborhood, property type, and price point where you want to buy “is average.”
Some neighborhoods (like West University or Houston Heights) have less with bids going up to $50,000 over asking price. Some sectors (like Houston condos for sale) are still in a buyer’s market.
Know what's happening in the neighborhood, price point, and property type that matters to you.
2. Get a great guide.
Having great Realtor matters now, more than ever.
Find a trusted advisor who won’t “sell you” and is experienced in the areas you want to buy or sell. You also need someone who has relationships with great mortgage brokers, title companies & other Realtors in the area to help you identify non-MLS listed inventory, great properties, fair values, and good buys.
You also want a Realtor with a good reputation and good relationships communicates well, does a lot of transactions, and is good to work with.
You want to have the best Houston Realtor that you can find.
3. Know your budget - in advance.
Mortgage preapproval is key so you know what you can really afford. This helps you in following through on contractual commitments and on bidding appropriately.
A pre-approval letter in advance also helps in closing offers faster as most homeowners would rather go for a slower but more reliable offer than a higher bid with no mortgage preapproval.
4. Understand your competitive advantages & how to play them best.
Know and communicate with your Realtor where you have a competitive advantage. Here are a few examples where you may not need to be the highest-priced offer to be the winning bidder:
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Can you pay cash?
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How fast can you close?
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How long of an inspection period do you need?
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Are you willing to tackle tougher repairs on a home?
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Can you keep your old home and also float a new one?
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Can you be flexible on the dates a seller can move and/or do a seller’s leaseback?
A recent client of mine was competing with 7 other offers (in Garden Oaks - a scorching market). By playing it smart, we won despite not having the highest offer. Paying in cash, limiting option period timing and requests, and just generally being a “good buyer” mattered more to the seller than a bigger bid.
5. Know when to walk away.
Winning a competitive situation isn’t always “winning” if you bought a bad property at a bad price. You want to feel confident that you have enough data, so even when you bid high you’re still getting a fair price.
The best way to do this is to get a Realtor that you can trust to help you pay fair prices on a good home. Ensure you have someone who can put your needs above theirs. Look at your Realtor’s track record & testimonials.
Successfully Buy a Houston Home
"Paige Martin and the Houston Properties Team are all specialists in their roles. I was amazed at how fast my transactions were completed with the best deals possible. Thank you for removing the hassle out of my real estate experience!" – Courtney Nuckols
Found yourself in a bidding war against other eager buyers? Stay confident by applying these home-buying strategies.
To recap, the five tips for buying a Houston home for sale are:
1. Understand your local market.
2. Get a great guide.
3. Know your budget - in advance.
4. Understand your competitive advantages & how to play them best.
5. Know when to walk away.
By following these five tips, you'll be in the best position in a bidding war. You prepared with the right information on the local market. A trusted Realtor will champion your side. He or she will give expert advice during negotiation.
You can negotiate with the right budget in mind. Your advantages over other competitors will not just be about giving the highest bid. And, you have the confidence to leave when you deem the negotiation unfair for you.
These tips will help you have a cool-headed assessment amid a bidding war. That way, you can prepare an effective offer to sellers that is within your budget.
The Best Houston Realtor to Sell Your Home
The Houston Properties Team has a well-defined structure based on the individual strengths of each member. Each member is a specialist in their role – which is why our homes sell faster and for more money than average.
Paige Martin, Broker Associate with Keller Williams Realty, and the Houston Properties Team are ranked among the top residential Realtors in the world.
They have been featured on TV and in dozens of publications including The Wall Street Journal, Fortune Magazine, Reuters, Fox News in the Morning, Money Magazine, Houston Business Journal, Houstonia, and Houston Chronicle.
Paige Martin was just ranked as the #5 agent in the world with Keller Williams, completing over $1 Billion in Houston residential real estate sales.
Recent awards include:
– 2022: #1 Residential Real Estate Team by Sales Volume, Houston Business Journal
– 2021: Best Real Estate Teams in America, RealTrends.com
– 2021: Top 100 Women Leaders in Real Estate of 2021
– 2021: America’s Top 100 Real Estate Agents
– 2021: Top Real Estate Team (Houston Properties Team), Houston Business Journal
– 2021: Best Houston Real Estate Team, Best of Reader’s Choice
– 2021: Top Real Estate Team (Houston Properties Team), Houston Business Journal
– 2021: #1 Real Estate Team, Keller Williams Memorial
– 2020: America’s Best Real Estate Teams, Best of America Trends
– 2020: Best Houston Real Estate Team, Best of Reader’s Choice
– 2020: Top Real Estate Team (Houston Properties Team), Houston Business Journal
– 2020: #6 Individual Agent, Keller Williams, Worldwide
– 2020: #1 Individual Agent, Keller Williams, Texas (Top Keller Williams Realtor)
– 2020: #1 Real Estate Team, Keller Williams Memorial
- 2019: Top Residential Realtors in Houston, Houston Business Journal
- 2019: America’s Best Real Estate Agents, RealTrends.com
- 2019: #5 Individual Agent, KW Worldwide
- 2019: #1 Individual Agent, KW Texas
- 2018: #5 Individual Agent, Keller Williams, Worldwide
- 2018: #1 Individual Agent, Keller Williams, Texas
- 2018: #1 Individual Agent, Keller Williams, Houston
- 2018: America’s Best Real Estate Agents, RealTrends.com
- 2018: Top 25 Residential Realtor in Houston, Houston Business Journal
- 2018: Texas’ Most Influential Realtors
- 2017: #1 Individual Agent, Keller Williams, Texas
- 2017: #1 Individual Agent, Keller Williams, Houston
- 2017: #10 Individual Agent, Keller Williams, Worldwide
- 2017: America’s Best Real Estate Agents, RealTrends.com
- 2017: Top 25 Residential Realtor in Houston, Houston Business Journal
- 2017: Texas’ Most Influential Realtors
- 2016: #1 Individual Agent, Keller Williams, Texas
- 2016: #1 Individual Agent, Keller Williams, Houston
- 2016: #20 Individual Agent, Keller Williams, Worldwide
- 2016: Texas’ Most Influential Realtors
- 2016: Top 25 Residential Realtor in Houston, HBJ
- 2016: Five Star Realtor, Featured in Texas Monthly
- 2016: America’s Best Real Estate Agents, RealTrends.com
- 2015: #9 Individual Agent, Keller Williams, United States
- 2015: #1 Individual Agent, Keller Williams, Texas
- 2015: #1 Individual Agent, Keller Williams, Houston
- 2015: America’s Best Real Estate Agents, RealTrends.com
- 2015: Top 25 Residential Realtor in Houston, HBJ
- 2015: Five Star Realtor, Texas Monthly Magazine
- 2014: America’s Best Real Estate Agents, RealTrends.com
- 2014: #1 Individual Agent, Keller Williams Memorial
...in addition to over 318 additional awards.
Paige also serves a variety of non-profits, and civic and community boards. She was appointed by the mayor of Houston to be on the downtown TIRZ board.
Benefits Of Working With The Houston Properties Team
Our team, composed of distinguished and competent Houston luxury realtors, has a well-defined structure based on the individual strengths of each member.
We find team approach as the most effective way to sell homes. We have dedicated people doing staging, marketing, social media, open houses, and showings. Each Houston Properties Team member is a specialist in their role—which is why our homes sell faster and for more money than average.
The benefits of working with a team include:
- the ability to be in two or three places at one time; a member can handle showings, while another answer calls
- collective time and experience of members
- targeted advice and marketing of agent expert in your area
- competitive advantage by simply having more resources, more ideas, and more perspectives
- a “checks and balances” system; selling and buying a home in Houston is an intensely complex process
- more people addressing field calls and questions from buyers and agents to facilitate a faster, successful sale
- efficient multi-tasking; one agent takes care of inspections and repair work, while another agent focuses on administrative details
- multiple marketing channels using members’ networks
- constant attention: guaranteed focus on your home and your transaction
- lower risk for mistakes. Multiple moving parts increase oversights. A team approach handles these “parts” separately
- flexibility in negotiation and marketing
- better management of document flow
- increased foot traffic through more timely and effective showing schedule coordination; and
- increased sphere of influence and exposure to more potential buyers.
To meet all the award-winning members of the Houston Properties Team, please go here.
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