Why Do Individuals Engage in Competitive Bidding Processes for a Property?
Why Do Individuals Engage in Competitive Bidding Processes for a Property?
Does location still hold the most importance? Should you redesign your dwelling to cater to your preferences, or for potential resale value? Are beginner homes still a thing? We all have numerous queries about the evolving realm of real estate. In our Ask an Expert series, we're teaming up with specialists from Better Homes & Gardens Real Estate to address your largest questions regarding locating, purchasing, and selling a property.
Finding the ideal dwelling can be as challenging as finding the right life companion. Deeply yearn for securing a home, regardless of the obstacles. And sometimes this requires joining a bidding rivalry. Is this the best approach to own a home now?
For this edition of Ask an Expert, we conversed with John O’Reilly from the Better Homes & Gardens Real Estate Base Camp about whether a bidding war is a mandatory evil or a preventable hassle.
*John O’Reilly* is a real estate agent located in Richmond, Virginia. He handles various types of properties, such as single-family units, condos, and vacant properties; O’Reilly has 26 years of real estate experience.
Ask an Expert: Should You Engage in a Bidding War for the House You Desire?
There's the appropriate method to acquire a home, then there's the essential method to obtain a home. I believe depending on your necessities and preferences, occasionally remaining on the sidelines isn't a negative thing. It’s just about waiting for the appropriate home at the appropriate price.
However, this is difficult when the market is rising by 10% to 15% annually. If there's a house that matches my budget and the rates are low, I'll get it. But the rates have risen and that has diminished buyer interest. We haven't seen much inventory yet because many are holding onto low-interest rates, so they're not selling their low-interest properties to get a high-interest rate.
The previous six to seven years have been a wild seller's market. So, finding the house you adore that fits your budget and acquiring it—even if that means bidding wars—is simply the reality we face today.
Be cautious of what you desire. You don't want to find yourself in a situation where you desperately want the house and are prepared to waive this or that, to pay more, to do all these things. Then you acquire it and it's not everything you thought it would be. Now you're in a home that you somewhat resent a bit.
- If you're considering Buying Your Home in a competitive market, John O'Reilly from Better Homes & Gardens Real Estate advises waiting for the right price instead of engaging in a bidding war.
- Home Improvement Ideas can significantly enhance the resale value of your home, but it's essential to balance your preferences with potential buyers' needs when considering renovations.
- Stay updated with the News in the real estate sector, such as changes in interest rates, market trends, and expert advice, to make informed decisions when Owning a Home.