Q: Is it common having to compete with other buyers when buying a house?
Whether you will be competing with other buyers, a lot of that depends on whether it’s a buyer’s market or a seller’s market. If the market is a seller’s market and homes are selling fast the likelihood is higher that you’ll be competing with another buyer when you purchase a home.
Q: What sort of things does a seller look for when comparing multiple offers? Is it just the price?
Price is one of the biggest things that matter but there are also other parts of the offer that are important. The closing time – how long from the offering and acceptance date to the close it will be. How many other contingencies are in the offer? Are you going to have an inspection? Are you well qualified for a loan? Are you putting a lot of earnest money down? Are you putting a high down payment on your loan? All these factors are important in the offer.