It’s easy to get caught up in a bidding war, especially when you find your dream home. While sellers can only hope that they’ll list and a bidding war ensues, home buyers should tread carefully when this situation arises.
Remember that just because one hopeful homebuyer outbids your offer, doesn’t necessarily mean you should volley back. In the worst-case scenario, you might end up with a home you haven’t researched, in a neighbourhood you don’t love, at a price you can’t afford.
A real estate agent that you trust, who knows the local market, can help you navigate through a bidding war and rein in any over-enthusiasm. In the meantime, here are some strategies to help you make a smart bid and if all goes well, a smart buy.