{"id":19013,"date":"2021-06-11T14:43:31","date_gmt":"2021-06-11T14:43:31","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19013"},"modified":"2021-06-11T14:43:31","modified_gmt":"2021-06-11T14:43:31","slug":"buyers-may-benefit-from-an-auction-mindset","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-may-benefit-from-an-auction-mindset\/","title":{"rendered":"Buyers May Benefit From an Auction Mindset"},"content":{"rendered":"

Buyers May Benefit From an Auction Mindset<\/h1>\n
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Buyers who head into the housing market believing they should get a home for less than the listing price may be very disappointed. Instead, they may consider that asking prices have become more like the start of an auction and be ready to start bidding.<\/p>\n

For every listing, there is an average of 5.1 offers, according to the National Association of REALTORS\u00ae. What\u2019s more, half of homes are being sold above list price.<\/p>\n

Additionally, \u201cDue to the low supply of houses for sale, many homes are now being offered in an auction-like atmosphere in which the highest bidder wins the home,\u201d an article at Keeping Current Matters notes.<\/p>\n

In actual auctions, many sellers often set a reserve price, which is the minimum amount a seller will accept. In today\u2019s market frenzy, the list price for a house for sale may be more like that reserve price,, the article says. The asking price has become the starting point of the negotiation in many home sales today.<\/p>\n

About 40% of potential buyers who were searching for a home this spring say they haven\u2019t bought yet because they keep getting outbid<\/a>, according to a survey from the National Association of Home Builders.<\/p>\n

Knowing they have the upper hand, sellers have come to expect a bidding war for their home. Twenty-four percent of homeowners recently surveyed say they expect to get more than their asking price, and 29% of sellers plan to ask for more than what they think their home is worth, according to a survey of 657 homeowners conducted by realtor.com\u00ae<\/a>.<\/p>\n

Some buyers are going to extremes to win a home<\/a>\u00a0they want. Real estate pros report individual listings fetching as many as 20 offers\u2014one even got 97 bids<\/a>\u2014as the homebuying frenzy continues. To win a bidding war, buyers may be willing to waive contingencies and stretch their budgets to the absolute max. Some buyers have even offered $100,000 above asking price, Debbie Barrera, a broker at Realty Austin in Austin, Texas, told The Wall Street Journal<\/em>. She even had a buyer offer $500,000 above asking price for a home with a pool.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cIn Today\u2019s Market, Listing Prices are Like an Auction\u2019s Reserve Price<\/a>,\u201d Keeping Current Matters (2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Buyers May Benefit From an Auction Mindset Buyers who head into the housing market believing they should get a home for less than the listing price may be very disappointed. Instead, they may consider that asking prices have become more like the start of an auction and be ready to start bidding. For every listing, … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-19013","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBuyers May Benefit From an Auction Mindset - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-may-benefit-from-an-auction-mindset\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-may-benefit-from-an-auction-mindset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-may-benefit-from-an-auction-mindset\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Buyers May Benefit From an Auction Mindset\",\"datePublished\":\"2021-06-11T14:43:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-may-benefit-from-an-auction-mindset\\\/\"},\"wordCount\":394,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-may-benefit-from-an-auction-mindset\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-may-benefit-from-an-auction-mindset\\\/\",\"name\":\"Buyers May Benefit From an Auction Mindset - 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