A real estate market categorized by high demand and low supply is the perfect breeding ground for a bidding war. Whether you are looking to buy or sell a St Petersburg home, the process of a bidding war is one that is always more bearable when you are prepared for it. For sellers, being prepared to work with your realtor to analyze multiple offers and decide which one is best suited for you will make the process easier. Preparation is equally as important for buyers since they will need to make sure their finances and moving timeline have room to endure a bidding war.

Either party should be aware of what they're getting themselves into and maintain the ability to keep their overall end goals in mind. The pressure of putting in or accepting a bid has the potential to lead to spur-of-the-moment decisions that may align differently from what it is you are truly working towards in your purchase or sale of a home. The great news is that it is possible to spot an oncoming bidding war by paying attention to what you are experiencing throughout the sale process. Keeping an eye on these things will help you recognize the early signs of a real estate bidding war.


If the house you are interested in is viewable by appointment only, it may seem like a no-brainer to simply schedule an appointment at the time you would like to view the home. However, if when you go to schedule your appointment, you are met with little to no availability for scheduling an appointment, it is quite possible the home has received a large amount of interest and all available appointments have been taken. This lets you know there is a high demand for the property in question, and interested buyers that were able to make an appointment will likely be putting in offers after their appointments.


a couple talking to a real estate agent

Some properties that are viewable via open houses can often be another way to identify early signs or potential for a bidding war. Depending on the date, time, and season of an open house, how busy it is can vary. If when you arrive at the open house, it is overwhelmingly populated with many visitors or even a line outside, that can often be an identifier that the home has received a considerable amount of interest and has the potential to receive multiple offers quickly.

Looking further into the success of an open house, simply paying attention to the ways other buyers are reacting to the property will provide more insight into what the near future could hold for the home. You may notice some people being openly admirable of the home while others may maintain a poker face and show little excitement or signs of being impressed. Paying attention to comments that are made or any audibly discussed plans will offer a hint at what the buyers in attendance are looking to do. If it seems like everyone is floored by the home and openly discussing their admiration, a bidding war may be on the horizon.


Close up on some one signing a contract

When a house is expected to receive many offers, it is likely the home will have a deadline for interested buyers in their offers. When multiple offers are received on a property, the seller has to analyze each one individually as well as against every offer they have received so far. This process can require a lot of thought and analysis to ensure the seller is picking the offer that best suits their needs. This deadline is a way to ensure that everyone interested in putting in an offer has done so by the time the seller is ready to compare offers. This is not only effective in keeping things streamlined for the seller but also beneficial when it comes to identifying serious buyers. Knowing that there is a deadline for their offer to be put in often encourages buyers to make an offer that is serious and in the best interest of them getting their offer approved.


close up on paperwork

This is something that is often seen in conjunction with an offer deadline but can also stand alone as an identifier of an upcoming bidding war. Pricing a home below market value is not necessarily an indicator that there may be anything wrong with the property that warrants a price that is lower than the standard market rate in the area. That initial low asking price is often just the beginning of the possible amounts the home could sell for. If a property is listed at a rate that likely sits below most people's budget, it creates room for them to put in offers that are higher than the asking price. When this is the case for the majority of interested buyers, the seller will likely receive money offers that create their own competitive pricing.


A women looking at a real estate website on a laptop

Seeing an amazing property on the MLS that is new on the market and checks all of your desired boxes is ideal for many home buyers. It is not uncommon for multiple buyers in their agents to see a brand-new home listing and fast-track their interest in it because they think they have encountered the listing very early. However, there is never truly a way to tell how much interest has been shown in a listing, even if it looks like it was posted only a few minutes ago. The home could have been viewed on other channels and already have people scheduled to view it or even put in offers. This is a common way for a bidding war to be created between buyers that are certain they are moving fast enough to circumvent mass amounts of competition.

Bidding wars can seem as if they are a whirlwind of uncertainty and patience. This can be the case if you are not well-versed in the world of St Petersburg real estate. Working with a highly qualified realtor that is a specialist in your area will do wonders when it comes to going through the real estate process–especially a bidding war if you find yourself in one. Contact The Salamone Group today to discuss what your bidding strategy may be.

Posted by Andy Salamone on
Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.