Bidding Wars - The Emotional Cost

Many of us go into buying a home with the expectation that once we find the property we like it should be as easy as making a reasonable offer and beginning the negotiation process.  In the hot real estate environment we are in where the supply doesn't meet the demand, a bidding war is very likely and one needs to be prepared should this happen. For more information on Bidding Wars......

Recently, I myself went through the process spending a few stressful hours in my car wondering if my bid would be the successful one.  Unfortunately it wasn't and afterwards I was upset with myself, as I had only missed out by a couple thousand dollars.

When I did the math on going even $10,000 over the asking price, it amounted to only a few dollars more on my mortgage.  The emotional toll that a bidding war takes on you is sometimes more costly than the amount it would take to secure a successful bid.

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Debra Emidio

Debra Emidio

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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