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You are here: Home / Blog / Tips for Home Buyers

Don’t let buyer competition keep you from purchasing a home

November 23, 2020

Don’t Let Buyer Competition Keep You from Purchasing a Home

Record-low mortgage rates in 2020 have sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers.

With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why:

According to the most recent Housing Trends Report from the National Association of Home Builders (NAHB): “The length of time spent searching for a home continues to grow.”

The report indicates that 62 percent of buyers now spend three months or more looking for a home, an increase from 58 percent one year ago. A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home.

Based on recent data from the National Association of Realtors (NAR), the average house in today’s market receives 3.4 offers before it’s sold. This means for every buyer who purchases a home, there are on average two or three buyers who have to begin their search all over again.

Compared to this time last year, the NAHB report shows that buyers are having more success finding homes in their price range. However, it also notes the percentage of buyers saying they’re getting outbid when they make an offer has jumped from 15 percent to 27 percent. Buyers are indicating that bidding wars are a major obstacle to finding their next home.

If this is a challenge you’re up against in your home search, you’re not alone. Feeling stuck in the process can be frustrating, but if there’s ever been a year to power through, this is the one.

Experts anticipate home prices will continue to rise into 2021, and the incredibly low interest rates we’ve seen this year are also forecasted to increase as the economy strengthens. Hopeful homebuyers who decide to hold off on their search until there’s less competition run the risk of finding a more expensive housing market when they start looking again.

If affordability is a key motivator behind your decision to buy a home, this winter is still the best time to make it happen.

Bottom Line

Bidding wars may be one of the greatest challenges buyers face in today’s housing market, but they shouldn’t be a deal-breaker. Having the right expert on your side throughout the buying process will give you the advantage you need when it comes to finding the right home and making a competitive offer. If you’re ready to buy this winter, let’s connect to discuss how to position yourself for success.

Filed Under: Tips for Home Buyers

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"Russ was so professional and knowledgeable. He helped us every step of the way. He’s still there for us when we have questions. I would highly recommend Russ to anyone looking to purchase a home in Green Valley."
- T.M., Green Valley AZ
"I was so lucky to find Russ. It’s been a long time since I bought a home and working through the stacks of paperwork was daunting! I was so glad to have Russ “be there for me” and to guide me through each step. He was on top of every stage of the home buying process, knew the answers to all my questions and immediately responded (sometimes in minutes). Russ also has a bevy of wonderful local businesses to recommend and a comprehensive website that was exceedingly helpful! You are making a mistake if you don’t use Russ to help you purchase your home in Green Valley, he is A++++."
- E.W., Upland CA
"Russ was a pleasure to work with. Being we’re in Seattle and buying in Green Valley, Arizona, Russ made the process very easy and comfortable. The transaction, with the help of Russ, went smoothly and without any hitches. He was quick to respond with any concerns or questions. I would recommend him for your real estate needs without hesitation. Having first hand knowledge of Green Valley was a bonus for us."
- B.E., Green Valley, AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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