Bidding wars haven't disappeared, but they're rarer. Here's how buyers and sellers can prepare to come out on top when competition shows up.

Are multiple offers still happening in today's market? It's one of the most common questions we hear from buyers and sellers right now, and the short answer is yes. There are still multiple offers happening across the Twin Cities, but they're fewer and farther between than they used to be. If you're thinking about buying or selling in the next year, here are the key things to know about whether you'll end up in a competitive situation.

The best homes attract competition. Whether you're a buyer searching or a seller preparing to list, the homes that combine the best condition, best price, and best location are the ones that draw a crowd. When all of those come together into one strong package, the chances of a bidding war go up. For sellers, that means preparing the home so it shows at its best. For buyers, it means recognizing when you've found one of those homes, because you probably won't be the only one who noticed.

Price doesn't always win. The highest offer isn't automatically the winning offer. Terms play a huge role, and sometimes they matter more than the number at the top of the page. Think about flexibility on occupancy and timing, and how strong the financing is. We often see cash-outbid financed offers, even when the cash offer isn't the highest. Removing or reducing contingencies is another way to make an offer as strong as possible, which matters most when you're a buyer trying to win in a bidding war.

The highest price isn't always how you win. Terms play a huge role, too.

Preparation is crucial. If you're out house hunting, be ready before you find the home, not after. Be pre-approved and know the strategies that win in a multiple-offer situation, because you never know when the right property will hit the market. When the competition shows up, preparation is what puts you in a position to win. Getting your questions answered before you make an offer is part of being ready to move quickly and confidently.

If you're a seller who wants top dollar and hopes to create a bidding war, or a buyer wondering how to win in today's market, you don't have to work through that competition alone. Reach out to us and let's strategize together so you get the best experience possible if you find yourself in a competitive situation. 

Give us a call at (651) 998-9829, email us at info@holzgroup.com, or visit holzlifestylehomes.com, and we'll build a plan around your goals. We look forward to hearing from you.