Lost out on an offer or two? Here’s one of the #1 reasons buyers lose a house they really want: they get there first (that’s good) , they put in the first offer (also good) but then, because nobody else has made an offer yet, they either start to doubt how much they really like it, or its value diminishes (to them) because there’s not a frenzy of other people pursuing it.
You’ve got to fight this facet of human nature! Whether it’s at a department store sale or on a playground, people tend to disregard an item until they see that someone else really wants it, then its value suddenly shoots up.
So how does this behavior apply to purchasing a home? If there is only one offer, chances are the bank or the seller will submit a counteroffer, but if the buyers don’t stick with their gut feeling and act quickly, they don’t respond to the counter right away and guess what, a few more offers come in. Then their interest shoots up again, but for many buyers, it’s too late. They’ve either been outbid, or the seller chooses another offer.
Please, go with your gut feeling. Ignore what other people think, it’s going to be your house, not theirs. If you love it, if you can afford it, if the comps make sense, go after it quickly. You’ll be glad you did!
© 2010 Barb Fischer San Diego
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