Real estate is in one of its most competitive markets ever. With low inventory and lots of prospective buyers, how do you get your offer accepted?
"What we found – first and foremost – clearly is, in this market, cash is very much king. If you are in a position to write an all-cash offer, that is very often the most successful way to that you get the home that you are looking for,” said Cory Hopkins, senior managing editor of Zillow Research.
Zillow Research is unveiling the results of a survey of 376 premier real estate agents across the country to find the trends and find the successful strategies that are winning bidding wars in this competitive residential real estate market.
What if you, like most buyers, can't afford to pay cash for a home?
"There are ways to get deals done creatively and working with a talented agent. These can include things, including just bumping your down payment up just a little bit," Hopkins said.
Another tip: Get preapproved for a loan, not just prequalified.
"It's a slightly more rigorous process, but it will pay off in letting sellers know that you can afford their home," Hopkins said.
Agents and brokers in Massachusetts said the market continues to be competitive, and it remains a seller's market, but there some indicators that could benefit buyers.
"When you look at the average price going up, and the average days on market going down, that's a real indication of the strength of the market," said Deborah Hauser, executive director of Senné real estate.
"It is getting better, especially in the last couple weeks. We're noticing it's improving. There's a bit more inventory, there's a few less buyers, so inch by inch, things are improving," added Anthony Lamacchia of Lamacchia Realty.