If you moved to the Las Vegas Valley recently, you might not know what locals do about Las Vegas homes for sale. Compared to other major cities in the country, the housing market in this city has swings in the supply and demand balance that sometimes start bidding wars among home buyers in the spring when housing sales start to increase.

A bidding war starts whenever two or more people want the home, and neither is willing to let it go. If you find yourself in a position where you have competition, one or more of these strategies from our real estate agents might give you the upper hand.

1. Get Pre-Approved
   Not only will it provide a ceiling for you in a bidding war, but pre-approval from a lender will also get your foot in the door with real estate agents and home sellers. Many agencies and sellers won't deal with someone who doesn't already a pre-approval letter. This practice is two-fold. First, it separates serious buyers from people who are just curious and second, it lets you know how high you can bid should the situation develop.
   
   
2. Find Fast-Track Specialists
   Sometimes a home seller wants or needs to get out of the home quickly, and if you can fast-track the process, they may be more apt to take your offer. Talk to specialists who will be involved in the purchasing process. Ask home inspectors if they'd be willing to prioritize an inspection for you. A lender who can expedite the paperwork process for loan approval might make a big difference. Those who have streamlined processes for obtaining the required documents can issue loans and schedule closings much faster.
    
3. Pay Cash
   Right alongside fast-tracking the process, paying cash speeds up the buying and selling process. Both parties eliminate the funding process, which can take many weeks or longer.
    
4. Forget the Contingencies
   If you can afford to take a chance, consider an offer to disregard any problems the home inspector finds with the house as a way to win a bidding war. Not holding the seller accountable for any structural defects, failing appliances, or infrastructure problems might be a winning incentive, especially if the home is more than 10 years old.
   
   
5. Up Your Down Payment
   If the bidding has reached the maximum amount you have in the pre-approval letter, consider offering a larger down payment. This will work if you can take funds out of a 401k or other account to match the price you've offered on the home.
   
   
6. Help Them Move
   Chances are you'll want the house shortly after you close and giving the sellers a luxurious move might seal the deal. Offer to pay for the packers and movers, which could run into the thousands.
    
7. Put in an Escalation Clause
   This clause lets the seller know what your price ceiling for the house is. It saves everyone a lot of time, and in real estate, time is money. The sellers can tell other bidders what your offer is and see whether and how much higher they're willing to go. If you really want the house, such a clause might help you win it. If you're feeling so-so about it, you stand to pay more than you need to using this approach. But if you can't live without it, this clause might be your ticket.

Bottom Line

If you'd like more information about achieving and submitting a winning bid for a home this spring, contact Wardley Real Estate for more tips and strategies.