I kept losing bids on houses in Plaza Midwood by offering asking price

For a solid year, I thought being first with a clean offer at list price was the smart move. The moment it hit me was when my agent showed me a closing statement for a place on Clement Avenue that went for $27,000 over, with no inspection. I was doing it all wrong by playing it safe and not seeing how crazy the competition really is. Has anyone else had to completely shift their offer strategy for a specific neighborhood?

2 comments

2 Comments

david_singh616d ago

Totally get it, had to do the same thing. Sometimes you just have to play the game to win in a hot area.

grantb926d ago

Honestly, I see it the other way. That rush to overpay and skip inspections is how people end up in real trouble. A clean offer at asking is a sign of a sane market. Maybe the problem isn't your strategy, but getting caught in a bidding war for a house that isn't worth that much. Sometimes walking away is the smartest move you can make.