When buying a home, if it’s a seller’s market (meaning more buyers than sellers) it’s entirely possible to get into a bidding war. These wars can get out of hand, especially if both parties are competitive. However, getting into a bidding war can mean you end up paying thousands extra for a house that just might not be worth it. Woolcott Real Estate understands this all too well. Our team of local real estate agents have compiled a few tips to help you survive a bidding war when buying a home.

Understand the Neighbourhood Market Value

Here’s a secret: no matter what the list price, a home will generally sell for what it’s worth. To find the true value of a home, talk to a local real estate agent. They know each neighbourhood like the back of their hand, and that includes the prices of houses that have sold in that area previously. Talking to an expert will give you a good idea of the house’s worth, and this will help you approach the bidding war with a fair offer.

Put in Your Best Offer for the Property

When you’re up against two or three other bids, give your best offer right away. This offer should be the most you’re willing to pay for this home comfortably that doesn’t reach outside of your budget. If you don’t get the house, at least you don’t have to wonder about what would have happened if you put in a better bid. Your local real estate agent will be more than willing to help you through any negotiations and build a strategy for submitting an offer.

Nix Your Conditions

If you have a long list of conditions on your bid, maybe remove a few to make your bid more appealing. For example, if you want certain items in the house, like their stove, or washer/dryer. Another condition might be for them to paint the trim before they move. If your bid is more trouble than it’s worth, they might accept another offer.

Be Prepared to Walk Away

Again, the best way to avoid a bidding war is to not let the war get personal. You should never be too desperate for a house, or else the seller might toy with you to squeeze more money out of you.  Learn to walk away if the war erupts and find a new property within your budget.

Working with Woolcott Real Estate

Are you thinking of selling your home and/or buying a new house? The experienced team of local real estate agents at Woolcott Real Estate are here to help. To gain the expertise and assistance of some of the best local real estate agents on the market, get in touch with us today! We can help you sell your house or find houses for sale in Hamilton, Flamborough, Waterdown, Burlington, Oakville, and surrounding areas.