Have you been outbid again?
Too many people go through a tough time when they are trying to purchase their dream home. One common challenge that makes the entire process stressful is the competition from other potential homebuyers. The big fish out on the market target and the shallow pool of properties available. If you don’t have enough money to match their bid, you’ll probably lose out. However its all a matter of perspective so lets discuss the frustration of being outbid and how to handle it.
How to deal with an outbid
A lot of potential homebuyers are tensed when they can’t win the bid and be the owner of a specific property. It is all about being wise and using the right strategies and tips to avoid overspending and stay on the safe side. Here are some insights to help you out.
• Determine your budget
Before you think of placing any bid on any home, you should again consider your budget and determine if you can afford the property or not. The point here is to purchase what is within your reach, based on your finances. This means current financial situations and possible future financial situations. Getting a pre approved mortgage before starting your hunt is a good idea!
• Do not panic
As you are preparing to place a bid on a particular home, always keep in mind that some offers can be rejected. Never be afraid of placing an offer on any home of your choice. If you’re working with me, or know me, you will know that I am competitive, and I will do everything I can to win you your dream house!
• Know when to stop
Understand what it is that makes the property so appealing to you and understand what it might cost to add such features to another house with a lower price tag. Set your top budget and don’t deviate too far from it.
• Study the bid keenly
You may encounter a situation (lots lately) where the initial price of the house is really quite low, but the final bidder will pay almost double the price. Therefore, study the number of bids of a particular home before you rush in. Sometimes you’ll come across deliberately low pricing attempting to create a bidding war. This is happening everywhere and it’s important to have the right agent to strategize through this process with you!
(I hear Carleigh Hofman is a good one!)
• Consider going for the older homes
When the bidding war is heating up on the top homes in the market, you can use this opportunity to look for older homes that need a little remodeling. Here, you will not only save money, but you will have the chance to renovate the home to match your preference.
• Be firm with your “no-go zone”
You should set your budget and determine the “no-go zone”. You sometimes have to deviate from your budget and make sacrifices to win a bid, but please don’t let your agent convince you to buy a home you really can’t afford. Anyone can be overwhelmed when it comes to bidding on a spectacular home. Nonetheless, it is always advised to consider the aftermath, and determine what you will pay in the long run. Always stick to your top budget, no matter how elegant and attractive the target home seems. New homes become available everyday and I’m a strong believer the right home will become yours when it’s meant to be.
If you’re at all frustrated with these markets, or want to get some further information, do not hesitate to call me. I understand the frustration in these markets but I tend to think outside the box on ways to make competitive scenarios work for my clients. Sometimes it just takes a different strategy to make the deal happen! I’ll be happy to chat or provide my advice anytime. Good luck out there!
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