The North Texas housing market is red hot and only expected to get even more competitive this year. The buyers are plentiful, but available houses are limited; often times setting off fierce bidding wars.
"A lot of buyers come here and don't realize that you have to pay over asking price and they usually have to lose two or three homes before they realize they've got to be aggressive," Bedford realtor Scott Killian of Scott Real Estate, Inc. said.
In the North Texas house hunt you’ve got to play hard and smart. There are actions that home-hopefuls can take to help them win bidding wars.
You could get a leg up on the competition by writing a personal letter to the homeowner, but make sure you are hitting the correct points.
"You've got to remember that the seller doesn't care that much about your dog or your kids and all that stuff that a lot of these people are writing in their letters,” Killian said. “What they care more about is that you are a solid, financial buyer. I would be saying that I have a great job, and I have a solid background.”
“I would go as far as to include a copy of my bank statement [with personal information redacted,]" Killian added.
Killian said it is best to make it easier on the seller — maybe asking for fewer repairs.
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There is also a benefit for being willing to pay cash up front, if possible.
"A lot of people are borrowing cash from their parents and then doing a re-finance so they'll buy the house with cash and then re-finance and pay their parents back so that they have a stronger offer," Killian said.
Killian said no matter your tactic, in the North Texas housing market, you are going to have to likely pay up to move to the top of the buyers’ list.
“Constantly people are wanting to bid low because they watch TV shows where they bid low and get them for less, but not here. Not right now,” Killian said.
