How to handle a bidding war in a hot housing market
NEW YORK, June 17 (Reuters) – Over the last few years, if you were trying to buy a home in the United States, you were typically up against one other bidder for sales that closed.
Last fall, that average rose to two other bidders, according to data from the National Association of Realtors.
Last winter, that number rose to three.
In April? Try four.
Welcome to the era of the real estate bidding war.
You do not have to tell John Colantoni. The law firm partner from Jersey City, New Jersey, was recently looking for a property in Pinehurst, North Carolina, frequent site of the U.S. Open golf championship.
Unfortunately, so were a lot of other people – which is why he and his investment partners got outbid three different times, usually by around $50,000. Finally, when…