Take 3 Lessons in Losing a Bidding War
Friday Apr 09th, 2021Share
The real estate market outlook still shows low inventory and high demand. Buyers are now starting to see more inventory this Spring 2021, but they are not assured of getting their dream home just yet.
Bidding wars have been going on since the market has shifted to a seller’s market. It is not unusual to get more than the asking price for a listing these days.
For home buyers, the bidding war can become an emotional experience. So it can greatly affect a home buyer’s frame of mind when he loses a bidding war. This article can point out the 3 lessons from the whole experience.
Let the seller know that your offer can be a backup offer
Sometimes the bidding war winner’s offer might not pull through if they find something wrong in the home inspection or other issues about the listing.
Make sure you let your agent know that you are willing to be a backup offer to be considered if the initial winner backs out of the deal. This will not cost you anything and you will be in line to be considered when the home seller will look for the next best offer.
Re-think your strategy of buying a house
If you have been losing more than three or more bidding wars, then maybe it is time to rethink some adjustments into hunting for a new home. Talk with your real estate agent and go over your list of must-haves and budget. Adjust accordingly to consider a bit further location, lesser bedrooms, and other negotiable features you can do without.
Get professional real estate services
With a seller’s market, you need all the help you can get. Find a real estate agent that you can be comfortable working with to find your dream home. A good real estate agent can help you negotiate better and put your plans in a more realistic capacity.
Losing bidding wars can be disheartening but it should not discourage home buyers to make an offer to their potential homes. Partner up with a good real estate agent and they will guide you to make the best outcomes. Contact JoAnn Visaretis for your real estate needs.