How to Avoid a Bidding War When Buying a Home

Written by Deb Staley.
Lenexa, Kansas, USA
Original Content--NOT AI generated

Tips for Home Buyers Competing in Today’s Low-Inventory Market

There’s no question that the record-low inventory in the real estate market is making things difficult for home buyers and their real estate agents. It is not unusual for a buyer to put in offers on several homes before finally getting one. Even buyers making full-price offers are losing out to offers that are over full price or all cash.

We must work with the homes that are available, and that’s not always easy. Successful home buyers have learned to adjust their expectations to fit the market that we are in. If you are willing to do updating or other work on a home, you will be in a better position than buyers who expect a home to be “HGTV perfect.”

You can save money on your home purchase by using a buyer’s agent. An agent who holds the Accredited Buyer’s Representative (ABR) designation has the experience to get you the best deal. Deb Staley of Deb Dot House is an ABR.

One last tidbit

Let’s stop using the “bidding war” terminology. Unless you are participating in an auction, you are not submitting a bid. You are submitting your best offer. On a hot property, there will likely be multiple offers. Usually, the seller will just take the best one and that’s that. You don’t get a second chance. Rarely, a seller will (get greedy and) ask for “final and best” to see if some buyers will come up in price.

Return to the Home Buyers page