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    Observations from the Field

    This may not be what you want to hear. I’m going out on a limb now to share in real time what I’ve been observing recently in the local North Shore real estate market.

    Bidding wars are back! Sometimes they are publicly announced with a deadline-”Highest and best offer due on Sunday at noon” . Other times the listing has not yet gone on the public market. The property is shown during the Private Listing network and can accept offers. Maybe there’s only one other offer you are up against.

    If you are a buyer, what does it take to WIN? How do you know how much to bid? How many offers are being considered? When will I hear a response? What terms is the seller looking for?

    Sooooo many questions and anxiety.

    As a local Realtor® representing both sellers and buyers in various transactions recently, what I have noticed is that the winning offers have gone BIG. Go big or no home!

    The accepted offers showed true motivation to buy THIS property. You might say “I don’t want to overpay for the house”. That’s fair. I can understand that. It’s your time and your money. How would you feel if someone else bought the house?

    In a multiple offer situation it’s not an auction. You won’t know how many offers there are or what is the highest price. You won’t know whether there are cash offers vs financing offers. You won’t know if the other offers are waiving their home inspection or sold AS IS. You are essentially asked to make your best and final offer and let the seller decide what contract works best for their situation. It’s not always the highest price, either. Sometimes a quick closing is preferred and they will take less money to be done soon.

    When making this offer decision, time is of the essence. You may be uncomfortable acting quickly. You may want more time to sleep on the decision. I feel your anxiety having been in this situation with my own family buying our house. When you have chosen “the one” you will have to jump. This is what it takes!

    My observation is that the accepted contracts have been eye-popping offers to set them apart from the rest. The winning bid may not ever know how close they were to securing the contract. To them does it matter? They got the house. For any number of personal reasons, the buyer went BIG because they were motivated for THIS home.

    I have noticed that some of these BIG offers had buyers who didn’t go big on previous deals. They got burned in the past, have learned what it takes and don’t want to lose again. How important is it to buy this house?

    Don’t worry if you are not the selected offer this time. Give your disappointment a 5 second funeral and move on. There are always more properties in the pipeline, maybe one that you’ll even love better.

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