We are living in a seller’s market. A seller’s market happens when the housing supply is low. What has occurred is more people are looking to move into a new house, but there are more buyers than there are sellers. When this happens, it can drive the prices of the homes up and leave us competing for the same house. Unfortunately, this can leave a buyer who has a top budget out of the mix. It is a hard position to be in, for the buyer.

I have had several clients who jumped into the bidding wars and came out of it without the house. As an agent, it is difficult to share the news of the loss of a home to your client. The best way to beat it is to jump back in and keep looking. Agents can be creative in the offers they submit. Perhaps, you might consider an “as-is” home inspection. This lets you still do the house inspection, but you will not ask the seller to fix anything found. You will know from the inspection, what will need repairing or replacing, but it will be at your expense. If it is too much, you still can get out of the contract. Another option might be to offer to pay the cash difference between the offer price and appraisal value, should the value be less than your offer. This would be if you have the cash and are willing to offer this. If it is a property accepting multiple offers, put in for your highest and best offer. This would not be the time to offer anything less than asking.

One thing I would suggest is offering over the asking price if the house is getting a lot of notice. If a house is listed at $319,000 and has several offers already you might want to consider offering $325,000 or even $330,000 with as few contingencies as you can offer. This should be for the house you must have. Prepare yourself for not getting it also. It is not a done deal until everyone signs it.