When to make a home offer in competition

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

As listing inventories have grown in most markets around the country, multiple offers have waned. However, affordable housing markets like Salt Lake City and Albuquerque, N.M., are bucking the trend. Demand in these more affordable housing markets is high relative to the inventories of homes for sale-a condition that often leads to multiple offers. So if you're buying in one of these markets, you could find yourself in competition with other buyers. Even if you're buying in a higher priced market that has cooled off, you may still find superior listings that attract attention from more than one buyer. There is a definite advantage to being the only buyer making an offer. When there's competition, there's pressure to make snap decisions. Contingencies for lining up financing and inspecting the property are often left out of the offer to make it more tempting to the sellers. When you're the only buyer, you have the luxury of negotiating to reach an acceptable purchase agreement. There's...