Real Estate Bidding War In Buyer's Market

A softening real estate market usually results in a Buyer's Market. If you are in the market to buy it is time to sit back and wait for a bargain.

Depending on how desperate you are to buy, that may or not happen. Just as every buyer has different circumstances so does every seller.

In some cases the sellers will have bought another home. They may have held out for the right price to be paid for their current home.

In other instances sellers may have had offers fall through and they may even under pressure with two homes officially in their name.

Depending on your timing and the circumstances, you may even be the only buyers currently in the local marketplace that is ready, willing and in a position to buy the particular home you are looking at.

It is cases like that where you (as the buyer) need to be very careful. You don't want to get into a bidding war situation.

Although bidding wars are not so common in a buyer's market, they still can and do happen.
Even in a buyer's market, if you have seen the home you want to buy don't procrastinate too long. Another buyer may have seen the house yesterday and have a legal expert drawing up an offer with their Realtor® at this very moment.

If you've seen a home that seems to be priced appropriately for the current market and you have gone through all the steps to be pre-qualified, don't wait!

The longer you delay the more likelihood you could end up in a bidding war situation. That is not to say you shouldn't thoroughly do your due diligence - you should!

If you have seen the home you want to buy ask yourself:

"Can you see yourself and your family being happy in this home?"

"Does the home fit most of your criteria for the price you can afford?"

"Will you be disappointed if you lose this home to another buyer?"

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