Basic Real Estate Bidding War Strategies

 

Do you feel nervous when it comes to bidding on real estate?

Do you shy away from competition?

Are you constantly losing in the bidding wars?

Don’t you wish you knew some basic strategies so that you’ll have the upper hand next time?

 

First off, in this hot Vancouver market, bidding wars are inevitable.  It doesn’t matter whether you’re buying a house, condo, townhome or duplex, you’re going to be buying something that others can’t wait to buy.

Let me first dispel a common myth first.  

 

Myth:  Bidding wars mean that I am going to overpay for the property

 

No, not necessarily.  If there’s a bidding war for the property you want to buy, it’ll mean a few things:

1.  The property and/or neighborhood is in high demand

2.  In bidding wars, there’s only 1 winner, meaning there are a bunch of buyers who still want to buy that property or similar properties in that area, leading to increases in market value for that area.

3.  Bidding wars sometimes occur because the property was priced at below market value to start with

4.  If you win a bidding war, you may be able to flip it to one of the bidders who didn’t win for a quick profit

 

In a hot market, there is a lack of inventory, meaning there are more buyers than there are sellers.  

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