Housing market is really wild it really took off at the beginning of the global pandemic. Prices are at the historically high levels and people looking for a property for the first time have a difficult task in securing the dwelling of their choice. Bids are extremely competitive and wars between bidders are expected, regardless of the quality of the property. It is important to know some strategies that you should deploy in this process, especially if you lack experience and knowledge of the market.
- Bidding wars when buying a house can get you in to a situation where you over pay and puts you in a bad financial position
- You should not bid every last penny you own because there are extra costs to closing the sale of the home
- The language you use when communicating during the process will affect how your bids are considered by the seller and or agency.
“Yet in the heat of the moment, many buyers run the risk of becoming overzealous, making mistakes that cost them the deal—or worse, land them with a house they regret.”