A healthy housing market can also mean bidding wars where inventory is low, but according to realtor.com there are a few things you should know about bidding wars.
If you’re outbid by another offer, know that it isn’t the end of the world, says realtor.com, as winning the war could mean blowing your budget.
Here are a few things to consider before engaging in a bidding war:
Overcome the fear of rejection – it could be that you’re offering too much if your offers aren’t being rejected
Avoid over excitement – The opportunity to get over-excited or overheated is there, according to realtor.com. Discussing before-hand walkaway points with your realtor is essential.
Don’t disregard your limits – Having a pre-planned budget will help to not go higher than you planned!
Stay focused – don’t allow emotions to drive bidding. Know what you’re after and how far you’re willing to go before hand!