If you're thinking of purchasing a home today, you probably already know that the housing inventory is quite low. As a buyer, low housing supply coupled with high buyer demand means you should be prepared to navigate a competitive market where homes sell quickly and get multiple offers.In a bidding war landscape like this, being able to do everything you can to get ahead of the competition is your path to winning the sale. That's because when you find a home and submit an offer, it'll likely be up against other strong offers from other buyers. In fact, according to the latest issue of the Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 3.9 offers so the competition is real.In order to successfully navigate the multiple bidding scenarios that are so common, here are some of the best ways to prepare yourself.Firm Up Your NumbersKnowing your budget is important for any home purchase in any market but today's landscape is a bit different. With many homes going for over asking while undergoing a bidding process it is even more crucial to know your price ceiling so you don't let emotions get the best of you. Also, most homes are going for over asking price so consult with your agent for the local trends and how that relates to the home of interest so you can make a strong offer.Act FastThe best way to be able to move quickly is to be well prepared. This means that you will need to have all of your important information in place like a prequalification letter and good market knowledge under your belt. Being armed with this will let you know you have found the right home when you see it, know exactly what to offer and how to craft a strong offer in a timely fashion.Submit a Strong OfferWhen writing an offer that is up against others you will always want to put your best foot forward. Consult with your agent and leverage their advice so that you make your offer as attractive as it can be. Consider all of your options like being amenable to different closing dates that may be better for the seller as one idea. Be sure not to forgo anything that is important to you like a home inspection. Your objective is to be the winning bid to get the house but not be full of regrets later on down the road.
