Surviving a bidding war

This month my life is all about bidding wars. Housing sales have soared 11.3% in February from a year ago. In some prime Toronto areas there are few homes even coming to market.

Keep Calm and Carry On Don’t let yourself fall in love. Yet. There is only one winner in a bidding war. Remember that there is a lack of supply and that the market is crazy right now.
Let it Go I’m sorry if I just put an Idina Menzel song into your head but remember that you can only put in your very best offer and hope. You are not in charge here, the seller is.
You Only Get One Chance to Make a First Impression Make you starting offer the best you possibly can. Try to start with no conditions – if a home inspection or financing are important to you, get that done before offer date. For the deposit, get a certified check as close to 10% as you can get.
Money, Money, Money Put your best foot forward with price. Forget about the list price, it may be really undervalued to encourage more bids. And by really undervalued I do mean hundreds of thousands of dollars. Your realtor should be doing their homework and know all about comparables and fair market value. Don’t get carried away and bid more than you can manage. That being said, think about monthly payments. Don’t lose out on a house of your dreams over $2000.
And finally, in the immortal words of Joss Whedon, “Calm the heck down”. This is not about winning at all costs. It’s about finding a home that you love and one that you can afford. Bidding wars and the Toronto market can be very stressful. Having a good Realtor on your side who can give you sound advice can make all the difference.

Photo credit: “The Kiss” by Alfred Eisenstaedt