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VPP Mythbusters: “Are Bidding Wars Always a Bad Thing?”

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Another week, another myth to bust!

The words, “bidding war” are sure to make some cringe. We get it. You search for weeks or months to find the perfect home, and when you’ve found the one, it turns out someone else has as well. Everyone wants a good deal when making a financial decision as big as buying a house, and having someone else bidding against you is going to force you to lead with your highest and best offer. 

Does this mean that all is lost when it comes to getting the house you want and a solid deal? Not necessarily. Let’s dive into the myth. 

The Myth: “You can’t get a good deal in a bidding war.”

The Reality:

When a bidding war occurs, more than likely two things are true: the home is already priced well, and it’s highly desirable. While you may not be able to start as low as you’d have hoped for when making your offer, buying a well-priced home at or even just above list price is still a great deal. 

This also goes back to the idea of defining what a deal looks like to you. Depending on the other homes you are considering, coming in at list price on a home you love versus paying marginally less for a home you like may still feel like a huge win. 

Here’s another important thing to consider. If you, as well as other buyers chose to make an offer on the home you are bidding on, what does that tell you about it? Simply put — it’s a desirable property. Given that real estate is a long term investment, odds are you will be well served by purchasing a house that you can turn around and sell in the future with the potential for a similar amount of interest. In this scenario, it pays to play the long game. 

If you have any questions about best practices when it comes to multiple offers, or want to know as a seller how our team has had great success in getting multiple offers on our listings, give us a call at 972-608-0777, or request a call at the bottom of the page. 

More mythbusting to come!

Check out the rest of the VPP Blog for market updates, guides, and mores

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