In a competitive market, a good home is likely to draw multiple offers. That means, the home’s seller gets to choose the best one. And more often than not, that means choosing the one that offers the most money. For home sellers, that’s an ideal situation. For buyers, though, it’s stressful. It means figuring out how much more you’re willing to pay for a house you really want. It also means realizing you might lose it to someone willing to pay more. Unfortunately, in today’s market, bidding wars are common. In fact, according to a recent analysis of homes sold in July, 60 percent saw competition. The good news, though, is the rate is falling. By comparison, 67 percent of homes sold in June had a bidding war. That’s a pretty significant drop and a hopeful sign that home buyers will begin to see a more balanced, and less competitive, market in the months ahead. (source)
