Frustrated with Bidding Wars?
Frustrated by bidding wars? I highly recommend going to Redfin, or your favorite search site, and doing a search for homes that have been on the market for longer than 7 days. The vast majority of these have had offer review deadlines come and go. This means you can likely offer less than list price, include all the usual contingencies (financing, inspection, title) and not get caught up in a bidding war.
When we go see a home that has been sitting on the market past its prime, I joke that we’ll know within five minutes why that’s the case (i.e. new construction “townhome” being built in the backyard, neighbor’s home is a junk yard, too much street noise), but more often than not, the owner and listing agent just over priced it initially and no one has given it a second thought since. You should give it a second thought!
