Could You Pay Over List Price for a Home?
I have come to realize that some absolutely cannot. Which, I’m afraid means they may not get to buy a home they will actually like-Really!
In today’s market, there is a crazy inventory shortage. This means that there are typically many buyers for one home. Some of these buyers have already lost several homes to other buyers bidding more. So, guess what? They have made up their mind that they are not going to lose again. They may have offered list price. They may have offered a couple of thousand over list price. They may have offered several thousand over list price. So there is one thing for sure…They do not want to lose another house they like again. They are definitely going to make a high offer, and you will likely find yourself up against them. (I had a home last month that my buyers made an offer on that had 24 other offers, though more typically, it’s probably 3 or 4 to 6-8.)
So, this is what you must determine: Do I love this house? How disappointed will I be if I don’t get this one? Based on what I’ve seen, what are the chances that I will find one that is 100% perfect? How long will it take for me to find another that will work? Are these one or two negative things that I’m not crazy, about enough to keep me from going for it? Then, after you lose one or two, how many more are you willing to lose?
Don’t get me wrong, if it’s not “the one” it’s not the one. If you want to leave it up to the house gods to determine if this is the one for you, that’s fine. However, if you’re getting tired, love this home, love the location, etc. You better go for it, because if you don’t somebody else definitely will.
My goal is to do exactly what you want. After I determine what the market value of a home is, my next question to my clients is, “How much do you want to have it?”