Homebuyers and the Bidding War

That’s the title of an article that I read yesterday on Realtor Magazine online. Immediately I thought surely their real estate agents have been sending this message with tremendous emphasis.   The fact is that it should not be any surprise and in my opinion “caught off guard”does not accurately describe what’s happening.

Speaking from personal experience, I have been warning buyers that they better come with their A-Game for months now.  And I know many of my fellow agents have been doing the same thing (warning about bidding wars)  for even longer than I have.

The article made me wonder where they got their information from.  I feel almost certain that the vast majority of us have been doing our job and warning buyers that the real estate landscape was changing (as it was changing).

This is just my take, but I think the caption or the title of the article should have been “Buyers Are Now Starting to Believe What Their Agents Have Been Telling Them All Along:  There is a Bidding War Going On.

Time to Step Up to the Plate

With the caliber of the inventory being less than stellar, buyers must realize that when they find that gem or diamond in the rough, they best come with the best that they have to offer.  Because just as sure as they fall in love with a property, there will be others falling in love with it almost simultaneously.

Monkey around if you will, you’ll find yourself making offers for the sake of making offers and in the end, settling for less than your heart’s desire all because…………………..well I’ll let you finish that sentence.

Here’s my advice to buyers, when you happen upon that house that has all of the makings of home, it’s no time to play games and play like the savvy negotiator.  Have your Realtor® or real estate agent review comps with you to see what homes have been selling for in the area and then make your offer accordingly.  If you don’t make your offer based on the available data, then you can probably kiss that home goodbye and try to become friends with the new owners so you’ll at least have a chance to visit the home that you lost to them.

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