I haven’t really talked about this publicly before, but we had to win a bidding war to buy our house last year. To make matters worse, it was right before the onset of the pandemic, making everything that much more stressful. Luckily, we succeeded and my family now enjoys living in a bigger, newer home. In fact, our house sold in seemingly record time. Our offer was accepted within a week of it being listed on the market (and that week included three days of offers and counteroffers between us and the seller). If you’ve been losing out on home offers due to bidding wars, it can be defeating. Every time you think you’ve found “the one,” you get outbid by another buyer. It’s extremely frustrating. So here’s how to win a home bidding war, so you have the upper hand next time.
12. Bidding Wars Are a Nightmare (and a Dream)
The anxiety only lasted a few days but it felt like an eternity. On the other hand, I bet the sellers were elated. Every new counteroffer was higher than the last. In the end, we probably paid about 5% more for the house than if there weren’t any other bidders. However, we can’t really complain. We ended up being able to quarantine in a larger house, which was nice. Plus housing prices continued to skyrocket after we bought the place, which is to our benefit.
My friend, on the other hand, wasn’t so lucky. When she was selling her house, a bidding war started. At first, she was ecstatic about the extra money she stood to get from an increased sale price. However, she’s been stuck renting a place ever since her house sold. Why? While, she keeps losing bidding wars when trying to buy a replacement house. It turns out that something that benefits when you sell will also make it harder for you to buy. She’s feeling very deflated right now. Her offers never seem to be enough, and she’s afraid she will be priced out of owning a house forever.
Don’t worry, though. Things aren’t that drastic for her (or for you, either). I gave her some tips on how to win a bidding war, and now I’m sharing them with you too.