Real Estate Market Data:
New York’s tough bidding wars means a crazy season for buyers By Harriet Robertson
Buyers must make their offer appear the best among the many presents, sometimes leading an individual to make big mistakes. Desperate buyers offer to buy a home at a price way above the listing price or skip the home inspection process, which may affect the buyer later. Middle-class buyers at a time are not able to buy a home quickly. You can imagine yourself in a show house, and immediately someone shows up with a classy land rover. The person might give a higher offer, and you will have to start the search again. It is frustrating when one makes more than 30 unsuccessful offers and desperately wants to own a home. A newly
wedded couple shared their experience about how difficult it was to buy their first home due to the hot real estate market and that every time they visited, a listing agent told them that the house had more than ten offers. When bidding wars are high, most people maneuver in the market by giving offers above the listing price. The scenario is also common in the renting market. People who offer below the listing price are less likely to be considered. The housing market today is hot in that there are fewer homes being supplied, and there are many buyers. In such instances, homes are overpriced, and only a few buyers can meet the costs. The bidding war trend is evident from Chicago and Atlanta to the great New York City. There are more home buyers in the New York market because, over the last 12 months, rent AUGUST 2022 | 95
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D
ue to more buyers in the market and low supply, bidding wars are skyrocketing, making buying more challenging and almost impossible for most people.
