A crass statement, but I can recall 14-15 years ago, some of the older, more seasoned agents would call regarding placing a bid, and ask “how much will it take to secure the home for my clients?” I can recall that while I was thrilled on behalf of my sellers, I felt somewhat appalled to think that the buyers were willing to offer x amount/seemingly any amount in order to obtain the home.
Fast forward to 2020 onward, and there were so many buyers leaving the city or rather escaping the city, that the inventory couldn’t accommodate the need. While a slightly slower start in 2020 as the Pandemic came upon us, homes have been selling anywhere from 5% – 25% over the list price with seemingly no regret, and I can’t help but start getting that “icky’ feeling again. When I represent my seller clients, I obviously would like to obtain the highest sales price possible for them. That is my Fiduciary duty. As a buyer’s agent, I would like my buyer clients to obtain a home they will enjoy living in for the ensuing years, but I would never wish for them to feel uncomfortable with what they had paid for that home. I am so thankful that I have clients that have returned to me for their real estate transactions 1, 2 3 or in one instance 4 times over the course of my career as they know that I have THEIR best interests at heart always, and I would always try to advise them honestly and correctly so they have no regrets.
I can recall hearing after the last real estate boom in Larchmont, there were those buyers who hadn’t realized their taxes would also increase commensurate with the sales price. Their agents were so intent upon obtaining the house for them, that they perhaps hadn’t explained everything.
When purchasing a home, any buyer should feel comfortable when placing their bid, having received information from their agent about the home from the town files, having seen what similar homes have sold for in the area, tax information, and have spoken at length with their mortgage broker and preferred real estate attorney.
The Home Buying Process 2018 by Gay Rosen | Larchmont and New Rochelle News / The Rosen Reports
The best piece of advice I can offer to any buyers, is to not buy with emotion but rather your head (pocket!), and don’t feel pressured into over bidding on a home. Your bid should always be a comfortable one for you, and only bid on what the home is worth to YOU.
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