“Overbidding” – Can You Avoid It?

Cliff Rego
Published on March 28, 2017

“Overbidding” – Can You Avoid It?

Nobody likes to overpay – for a home, a car, or a can of Chunky Soup.

But, in a market rife with bidding wars, the fear of overpaying for a home is understandably heightened.

“How do I make sure I don’t bid 30k more than the next highest bidder?”

The answer is simple: you can’t.

Why? You simply don’t know what other bidders will do.

It’s like the Olympic 100m Sprint:

Your competitors are there to win. They will be running their fastest. You don’t know who will set a personal best – or a new world record.

So, you run your fastest.

If you lose, you’ll sleep well knowing you left nothing on the table – then promptly shift your focus to the next race (there’s always another opportunity to win).

If you win by 10 steps, are you going to be upset that you trained too hard and won by too large a margin? Or will you celebrate a gold medal that will last a lifetime?

This is why, in this market, you can’t worry about your margin of victory.

If you’ve found the right home, the home that will provide you and your family with a lifetime full of memories, you bid within your limits…

…but you bid to win.

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