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To Bid Or Not To Bid?

June 6th, 2013

So I was talking with a client just the other day. Imagine that.  We had found a great home for them and they wanted to sleep on the decision to offer. While they were sleeping,  the offer widgets were turning in another office. The next day, my client decided to offer. There were already two offers on the home.  This is a common scenario in the Raleigh/Cary real estate market now days. When I explained to the client that the property had two offers on it, they stated they did not want to get into a bidding war.  Hmmm, what is this bidding war you speak of? Does it involve secret gestures that only a trained professional would recognize? Do you get to wave a flag if you surrender? How will I know if I won the war or not? These are very valid questions and the answer is …..DOH!  The absolute best indicator of a property’s real estate value is how many people want to buy it. Why would you want to buy something that no one else wants? Real estate market value is simply, how much someone is willing to pay and how much someone is willing to accept for a property. If you paid more than the list price, guess what? You paid the market value.  The list price is a guide. It is not handed down from on high, though at times some of us REALTORS® may act that way.  There is a reason I paid big bucks for that orange and white, polka dot leisure suit. Everyone wants one. Do not be afraid to pay fair market value for a home. You will be happy you purchased something with lasting value and no, the suit does not convey.