Wow, what a spring season we are having! Almost feels like the old days. Homes that are coming on the market in good condition and "priced well" are flying off the market in multiple offers, leaving buyers on the sidelines scratching their heads. Have you been sitting on the fence waiting? It appears from my perspective at least, that the inventory is diminishing and folks are fighting over the good ones.
Tips for being the winning bid.
Unfortunately when you initially get into the market you do want to see the inventory to be informed as to what is out there. So, if you come across a gem that looks to be a gem but you still need to see a few more, my advice is to do it QUICKLY. The fact of the matter is, buyers like yourself have been in the market. They know the inventory and they can tell immediately when a home is a good value, based on others they have seen. You can anticipate there will be an offer quickly. Your agent should be able to provide insight.
Too many times recently I have been with clients that want to look and see what the previous owners paid for the home. Sometimes the internet information is blinding. Based on the numbers they see online, they limit what they are willing to pay for the home. BIG MISTAKE. Market values are fluid and change constantly. Things to take into consideration are updates to a home, which are not necessarily reflected. Additionally, because the previous buyer took advantage of timing or a great opportunity, it does not negate the fact that the home is still a good value currently at the price it is listed. You need to look at what else is out there. Would other homes be suitable for your needs? If the answer is no, then maybe you can understand why this home is priced where it is.
So you find yourself in a multiple offer situation? The best advice I can provide is to offer your TRUE highest and best. Put everything you have out there to get the home you want. Don't second guess what the other bidders are going to do. Work with your agent to establish fair value and go after that home of your dreams. Don't live with regrets. If you've made your best effort to get the home you love, then you'll have no regrets if you don't get it. If on the other hand you hold back, simply because you don't think the other bidder will go that high, and lose the home, it will forever become the home that got away, and you will find yourself comparing it to every other home that comes along.
GO in it to WIN it! Good Luck
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