Article by Sally Norton

​In today's crazy market, it's not unusual for one house to receive multiple offers. In other words, bidding wars are the new normal in the real estate world, especially in the most desirable areas with exclusive listings. This situation can force you to up the ante to stand out from the crowd of potential buyers. However, in the moment's excitement, many buyers risk being overzealous and making poor decisions that cost them the deal—or, worse, leave them with a property they regret. So, the ultimate goal is not to be like those buyers, right? In order to help you with the house buying process in this crazy market, we listed below mistakes to avoid when bidding on a home. So, let's begin!
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Bidding every penny you have
The housing market in the US is so competitive these days that houses go for tens if not hundreds of thousands of dollars above the asking price. As a result, many buyers are ready to do everything to buy the house they want. So, when it comes to the bidding wars, they are prepared to break the bank and spend every last penny they have. This is not the step experts stand behind. Let's elaborate on why. 
 
Let's say you overpaid the house and find out some repairs need to be fixed immediately, like roofing or plumbing. Now, you're out of tens of thousands of dollars that you spent on the house, and you have a problem finding money for these repairs. Not an ideal situation, right?
Furthermore, in a competitive market, the appraisal may be poor. This indicates that the bank's assessment determined that the home is worth less than what you agreed to pay for it. You'd need a larger down payment to make up for the difference.
 
So, unless you have a secret fund hidden somewhere or a family member who can lend you money, professionals suggest holding back 10% to 40% more than you can genuinely afford. If you're not financially backed for the house you set your eyes on, that house is simply not for you. Overpaying is definitely one of the mistakes to avoid when bidding on a home.

​Going to a bidding war with many contingencies 
You should never enter a bidding war before securing funding and knowing where your money is coming from. We strongly advise against making your offer contingent on the sale of your present home. Why? It's simple. The seller will always choose the bid with the fewest uncertainties. An excellent example of this is an all-cash offer - the closing is quick and seamless.

Unfortunately, most of us cannot provide an all-cash offer, but we may be pre-approved by a bank before entering the bidding war. We can also exclude the selling of our present home from the transaction. You could sell and then rent before bidding on a new property, or you could sell and ask the new owner for a lease-back agreement.

Moreover, it's rarely just about the money. So, determine what else is crucial to the seller and do your best to accommodate his wishes better than anybody else.
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Thinking there will be a second chance
Bidding wars are raging in the Chicagoland region. We frequently see prospective buyers miss out on a second opportunity. Prospective buyers believe they will have more opportunities to boost their bids if necessary, and they are frequently mistaken. This is especially important if you're doing this from far away, another state, or even a country. Buying a house remotely is not an easy task, and you don't want to lose your dream home just because you thought you'd get a second chance. 
 
So, what should you do instead? If you find yourself in a multiple bid situation, write your bid as if you would not have another chance to negotiate. This way, you can have a real chance of winning this bidding competition and getting the house of your dreams. The bottom line? Don't play games at this market - you'll never win!

​Using negotiating tips you saw on TV
On real estate reality TV shows, people use the phrase "best and final offer." However, what works on television does not necessarily work in real life. Negotiations in a bidding war never end unless the seller is ready to give up.
 
Never use the phrase "best and final", as this is rarely the case. If you use this phrase again, the listing broker will not take anything you say seriously, especially your counteroffer.
The vendor will almost certainly consider other major negotiable factors. These include the closing date, a higher down payment, and maybe eliminating a contingency, among other things. If the seller sees the phrase "best and final," they may not return to your bid to discuss changing any parameters other than the price to make the sale work. It's more likely they will pick another deal instead. 
 
That's why you need to rely on expert tips instead. For example, never reveal the sellers even if you've bid the maximum amount you can afford. The seller might take you up on it and remove you from the bidding war altogether. This isn't something you want, right?
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Not understanding the true value of the house
One of the biggest mistakes to avoid when bidding on a home is underestimating the value of the house you want to buy. Some bidders are afraid to pay more than the asking price in a bidding war, believing the house is not worth more. They don't understand that sellers frequently price their house slightly below its genuine value to spark a bidding war and have interested buyers drive the price far higher in the heat of rivalry. This is especially the case in today's housing market, with prices increasing constantly. 
 
Buyers who do not offer their top price are less likely to win a bidding war. Instead, people opt to believe that the property is less valuable. As a result, they lose the house they wanted so badly. In order to avoid this situation, you should learn about the current real estate market trends, what features bring the highest ROI, and vice versa.

Moving to your new home
So, now that you know how to seal the deal when it comes to bidding wars, it's time to get the house you want! Once you do, immediately get into planning the relocation. It is another process you need to organize appropriately. The moving crew from peasleyboisemovers.com suggests doing the research before choosing the moving company for your relocation. After all, these guys will take care of all your belongings, so make sure to choose the trustworthy and reliable one. 
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Conclusion
Now that you know what mistakes to avoid when bidding on a home, you're ready to enter this war like a pro. Ensure you have all the information about the market, the seller, and other prospective buyers. And never reveal your financial possibilities to the seller if you want to stand any chance of buying this home. Good luck!

Article by Andrew Lisa | GoBankingRates.com
​Featured expertise by Jason Gelios

The real estate market is changing fast. 

Sellers have been lowering their asking prices at the highest level since before the pandemic. Mortgage rates are closing in on 6% as the Federal Reserve works aggressively to fight inflation.

See: 15 Best Places in Texas for a Couple To Live Only on Social Security
Find Out: Best Cities To Retire on a Budget of $1,500 a Month

The red-hot seller’s market that dominated the post-pandemic era is shifting, and buyers who have been waiting for a market correction might finally see their patience pay off.   

The last thing they need is misinformation to cloud their judgment and cost them money, yet homebuying myths are still as common and costly as they’ve ever been. 
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GOBankingRates asked the experts to call out the homebuying fictions that they see foil the most buyers. They named the myths that bother them the most — and explained the truth behind them.

Article by Kimberly Dawn Neumann | Realtor.com
​Featured Expertise by Jason Gelios

With home prices hitting record highs across the country, plenty of homeowners may decide the time is ripe to sell. So how long does it take to sell a house now?

In today’s red-hot seller’s market, homes are getting snapped up by buyers faster than ever. Yet even in this best-case scenario, it will take at least a month, more typically three months, for sellers to prepare their home and close the deal. If extensive repairs are needed or your property is not priced or presented properly, it could take longer still.
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“In our Spring 2022 Home Sellers survey, 2 in 5 recent sellers reported that it took more time than expected,” says Danielle Hale, chief economist for Realtor.com®.

Article by Katy Byrom
Featured expertise by Jason Gelios

In real estate, cash offers have long been the gold standard — helping buyers stand out from the crowd by giving sellers the assurance of a fast, (mostly) guaranteed sale.

With a cash offer, explains Rinal Patel, a real estate investor based in Philadelphia, “there’s no waiting for a loan to be approved before the sale can close, and no possibility of the deal falling through due to a financing issue.”
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Redfin estimates that a cash offer can nearly quadruple your chance of winning a bidding war. Some cash buyers try to use these odds to lowball sellers and get a home at a discount.

Article by Erik J. Martin | The Mortgage Reports
​Featured Expertise by Jason Gelios

The real estate market has been hot for a few years now. Buyer demand has stayed strong and home prices have risen dramatically, despite continued low inventory and rising rates. But there are signs that the market may be starting to cool.

Does that mean the market has peaked, and we’re going to see things normalize in the second half of 2022?
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We reached out to several experts in the industry to gauge their opinions on the current state of the housing market and where they expect home prices, inventory, mortgage rates, and demand to land across the rest of 2022.

New book coming October 2022!

The latest Realtor Rant by Jason Gelios about the rising interest rates.

Ropa Madziva is joined by Author and Expert Media contributor Jason Gelios to discuss creating valuable content. What it takes to get out of your comfort zone with producing content, the particular quirks of social platforms and why content is the way to generate business online. ​

Episode 229 | The AskJasonGelios Real Estate Show

Article by Kimberly Dawn Neumann | Realtor.com
Featured expertise by Jason Gelios | Realtor

Imagining what your future apartment will look like? Go ahead and dream a little (or big) dream. But when you’re finished fantasizing about your full-service four-bedroom apartment with floor-to-ceiling windows and a balcony within walking distance of the hippest part of town, join us back here for a reality check.
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Trust us, we’re not trying to burst your real estate bubble. But the market has changed dramatically since the early days of the COVID-19 pandemic. So rental goals that might once have been plausible—or at least possible, if you got really lucky—might no longer even be imaginable.

Article by Erik J. Martin for Bankrate.com
Featured expertise by Realtor Jason Gelios
​5 min. read

As the spring real estate season comes to a close, mortgage interest rates continue to hover above 5 percent, prices remain high and the tight supply of homes for sale persists, making matters challenging for home shoppers. That combination could result in a slowdown in demand, forcing sellers to lower prices.
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Curious how the real estate market will shake out this summer? Eager to learn if and how rates, buyer traffic and housing inventory will change before fall? We’ve asked several experts for their summer housing market predictions.

Episode 228 AskJasonGelios Real Estate Show

Article by Andrew Lisa | GoBankingRates
​Featured expertise by Jason Gelios

The pandemic shook up the housing market more than any other corner of the economy just as the millennial generation was entering peak homebuying age. So is homeownership still the cornerstone of the middle-class dream, and are today’s young people willing to take on decades of debt to achieve it the way their parents did? 
That depends on whom you ask.

To find out what millennials think about their prospects in today’s real estate market,  GOBankingRates turned to real estate professionals who work with millennials on a regular basis, as well as millennial renters and homeowners themselves.

A great conversation with Ropa from the Maverrik podcast about social media selling and sharing value through video.