"You have to look like the best deal in town," the "Shark Tank" investor says.
Bidding wars are back, as limited housing-market inventory pits buyers against each other. To compete — and certainly to win — buyers need to come fully prepared, Barbara Corcoran says.
Despite a sharp rise in the 30-year mortgage rate to nearly 7%, buyers aren’t able to catch a break, due to a shortage of listings. Competition for homes is intensifying, and the data indicate that “housing has returned to a seller’s market,” Zillow Z said in a recent report. New listings were down 28% in April as compared with April 2022, the company noted.
“If you want to win a bidding war, you have to look like the best deal in town, and here’s what you ought to do: You’ve got to be prequalified for your mortgage so you can go in there as an all-cash deal,” the real-estate expert and “Shark Tank” investor said in response to a viewer question. “Make sure you have no contingencies, [and] make sure you give your best bid upfront because you don’t want to say, ‘I would have bought that house if I hadn’t lost it for $10,000,’ ” Corcoran said.
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