Because the supply of houses cannot meet the current demand at present, sellers can get a big payout for their homes, says Stacy McVey of Keller Williams Realty.
Appraisals can be stressful, though, because they often do not take the current market into consideration, only past history of the market and previous selling prices in the area. Sara Walsh of RE/MAX Impact recommends providing the appraiser with any information that may affect the value of the home, such as renovations to the home and information on competition in the area.
“If they can’t find the data, the burden isn’t on them to beg for it,” says Walsh. “If you make their job easy for them, helping them helps you.”
Bidding wars often feel lose-lose due to their competitive nature, Walsh says. The person who does not win the home feels he or she lost, and the person who won may feel a degree of buyer’s remorse. The best way to deal with this is clear communication, as well as professional conduct with the buyer’s agent. McVey warns that buyer’s remorse shouldn’t be a huge deterrent, though, and that there shouldn’t be shame in paying more than the asking price if the buyer finds a home he or she really loves.
“If I have a client who misses out on a house, for whatever reason, I just say that there’s something better around the corner,” says McVey. “That reveals itself over and over again as true. I know it’s a heartbreak sometimes for buyers.”
Amanda DePerro is an assistant editor. Feedback welcome at gbishop@cityscenemediagroup.com.
