RealtyBizNews: Real Estate News

How To Survive A Bidding War

Have You Noticed, Bidding Wars Are Back?

Bidding tug-o-war

Bidding tug-o-war – courtesy © Rudie – Fotolia.com

One of the biggest real estate stories nationwide is the lack of inventory in the housing market. The number of homes listed for sale continues to steadily decline to levels not seen in years, with strong contract activity pushing supply even lower. That means increased competition for home buyers, and in many cases, bidding wars.

What should you do if you find yourself in a bidding war? Here are a few tips for buyers and sellers.

For Buyers:

For Sellers:

Foster a feeling of equity in negotiations. A person is likely to walk away from a negotiation when they feel they’ve lost control. This is important to remember, even in multiple-offer situations. While you may have the leverage, it’s important to keep a buyer engaged and avoid ultimatums.

About the author: Peter Olesker works with @properties, a Chicago real estate brokerage dedicated to providing expert, quality advice and service for all of your real estate transactions. Leaders in state-of-the-art technology and marketing, @properties offers a higher level of service and professionalism for clients. For more information visit: www.atproperties.com

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