In the very hottest real estate markets, and we have a few here in California, the balance of supply and demand is tilting very much to the demand side. What that means is that there isn’t a lot of inventory for buyers to choose from and when something grand does come on the market, the hungry hoards are ready to, well … pounce. And that means that sellers are in the driver’s seat and bids often come in over the asking price.
If you’re a seller in this scenario, even though you might be tempted, it’s not wise to overprice your house. Let your realtor guide you to a price that encourages people to bid, perhaps over the asking, and bid fast. Smart realtors with a well-priced desirable property will often set a date for bids. This encourages brokers to bring in their possibles, and act decisively. For the seller, this practically guarantees a good and quick sale.
But what is the best strategy for the bidding buyer? To start with, do your homework. Know what the comparable properties on the block and in the neighborhood have actually been selling for; your broker can give you a list of recently closed sales.
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