What to do when there may be another offer on the home you want to buy…..

One of the signs of the active real estate market here in the Andover area is that we often see multiple offers on a home listed for sale.  Yes, that’s correct…multiple offers!  If you’re selling a home that’s a nice feeling.  For buyers it’s a different feeling.  Some buyers are tempted to retreat….fearful of competing with other buyers–fearful of paying too much for a home—fearful of engaging in a ”bidding war.”   Others are tempted to jump into the competition and make a needlessly high offer.  My advise to buyers in this situation is to study the market with your Realtor.  If the home suits your needs , is in your price range and is to your liking….make an offer.  But make an offer based on a careful analysis of the market.  Your Realtor can show you what similar homes have sold for in the  neighborhood or in the Andover area in recent months.  Make your offer based on that analysis….not based on what the competing offer(s) may be.  Remember also that there are other points to consider in preparing and negotiating an offer.  Financing criteria, closing dates, and escrowed payments are other important points your Realtor can negotiate  on your behalf.  The offer that is ultimately accepted may not be the one offering the highest price.  To learn more about buying a home here in the Andover area  contact Paulette Zuena at REMAX Partners, Andover, MA.