Bidding Wars: How Home Buyers Can Avoid One and Save Money

How to Avoid a Biding War When Buying a Home

Tips from Deb Staley of Deb Dot House

Is this a frustrating market for home buyers or what!? With our record-low inventory, buyers and their agents are worn out from putting in offer after offer. Here are some ideas to help:

  1. Don’t go for the perfectly-updated home. Be willing to do a little work yourself. This is absolutely the number one way to save on a home.
  2. Do have flexibility on your floor plan, location, school district, and even price range.
  3. Above all, don’t overestimate what it will cost (time and $$) to update/upgrade the house to what you have been dreaming of:
  • Appliance packages can save you a bundle. There are appliance packages at Best Buy for a stainless refrigerator, dishwasher, range, and microwave/range hood as low as $1,500—really.
  • Don’t let flooring cause you to reject a home. The new luxury vinyl planks look great and are inexpensive. Rip the old, yucky carpet out yourself—it is kind of fun and not difficult.
  • Odors are a turnoff! Smoke smell can be cleared out with ozone machines, thorough cleaning, and repainting. Replace carpets that have pet stains.
  • Everyone knows that a little paint can go a long way. If you aren’t good at it or just hate doing it, it may not be as expensive as you think to have it done professionally.
  • Wallpaper removal is one exception. You may actually not want to deal with this one. Many people did not properly prepare walls before installing wallpaper, and it can really create a nightmare for removing it. Many painters suggest smoothing the seams and painting over it.
  • Landscaping is easy and fun to do and makes such a wonderful change in the appearance in the home. It is great therapy to work in the yard, so don’t rule out a home with weeds, thin grass, and blah bushes. You might find a new hobby here.
  • If the furnace, air conditioner, and/or water heater are old, deal with it, so long as they are functional. Ask the seller to provide a home warranty--they are usually fine with this. Then make sure you keep up the warranty when it is time to renew!

Learn more about the home buying process 

©Deb Staley 2017-2021