This “seller’s market” has been the craziest and most stressful I have ever been through. A seller’s market is created when there are more homebuyers than inventory from which to choose. The anxiety this causes many potential buyers causes them to write offers on anything and everything, just to hedge their bets on having one accepted.
This year, I have had to counsel many of the homebuyers I worked with that it is important to slow down and consider their potential purchase carefully, especially if you are going to get involved in a bidding war. Is the home truly the right fit? If the pace wasn’t so frantic and the pressure to decide so strong, would you normally buy this particular home.
If you are going to get in a bidding war to win, make sure the home will actually work for you. Be very cautious about getting involved in a bidding war for a home that doesn’t really meet your needs just to get a home. Buying the wrong property could put a serious burden on you for years to come.
If you would like to talk more about buying a home in this market, feel free to reach out to me. As your personal real estate adviser, I’m here to offer you the advice you need to make the right real estate decisions and to help you navigate through the complex real estate maze.