Someone puts up their home for sale. People take note and the interested buyers come around. One of them will want the home. Its the dream they imagined and just want to own it now. In today's competitive market where some local Real Estate inventory is scarce, bidding kicks in. It is not the bidding we had right before the crash. NO. It is a bid that will close and hits the right price..
Here is where knowing math comes in handy. If you have to bid a few thousand dollars over the asking price (all things considered), then we are talking about a few dollars being added on to your projected payment. Its nothing to even blink at and knowing it in advance could be all the edge you need.
As a Listing agent, I am always looking for performance from my buyers or their agents and proof of that performance. Price then becomes the focus along with any repairs if at all...if someone comes to me and makes an offer that lines up with proof, little or no repairs and a price over my asking, then that looks like a deal to me.
Even if you went over by ten thousand dollars, the increase in the monthly is negligible. Remember, you got the house and that was the game plan. I have used this thinking on every home I ever purchased. Worked every time. My offer was so good that while others were planning their strategy, I was opening escrow and packing...
If you want the home, go get it. Know up front what it takes and a good agent will tell you about the supply and demand dynamics for the area you are in. If there is little or no product and something comes up, move and act like its yours and it will be. Don't be penny wise and pound foolish, do be the early bird that catches the worm and whatever you do.....don't even come close to the old cliche of.....
"He who hesitates is lost"
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