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As pending sales go down will BiddingWars remorse go up?

 
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Buyers remorse survey: Know anyone who paid $100K over ask, or would you?
Absurd, would never pay that much over ask
0%
 0%  [ 0 ]
Only people who paid that have money to burn
0%
 0%  [ 0 ]
Agents underprice homes to drive bids that high
0%
 0%  [ 0 ]
Might have paid in past but not in cooling market
0%
 0%  [ 0 ]
Other
0%
 0%  [ 0 ]
Total Votes : 0

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RealEstateCafe



Joined: 11 Dec 2007
Posts: 233
Location: Cambridge, MA

PostPosted: Thu Oct 14, 2021 5:04 pm GMT    Post subject: As pending sales go down will BiddingWars remorse go up? Reply with quote

Breaking news: PENDING sales are down nearly 10% across Mass during September according to @MARealtors!

Know anyone who bid $100K over asking price during #PeakREDysfunction this past summer?

As the market cools, will exposing the magnitude of bids over asking price reveal the folly of needlessly paying $100K over ask or make claims against their #FakeBuyerAgent's Errors & Omissions Policy?

Guess the combined daily bidding war premiums paid on CLOSINGS during the 1st 15 days of September:

https://bit.ly/BidWar5MDay_1stHalfSept2021
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PostPosted: Fri Oct 22, 2021 1:36 pm GMT    Post subject: Re: As pending sales go down will BiddingWars remorse go up? Reply with quote

RealEstateCafe wrote:
Breaking news: PENDING sales are down nearly 10% across Mass during September according to @MARealtors!

Know anyone who bid $100K over asking price during #PeakREDysfunction this past summer?

As the market cools, will exposing the magnitude of bids over asking price reveal the folly of needlessly paying $100K over ask or make claims against their #FakeBuyerAgent's Errors & Omissions Policy?

Guess the combined daily bidding war premiums paid on CLOSINGS during the 1st 15 days of September:

https://bit.ly/BidWar5MDay_1stHalfSept2021


Bidding wars remorse depends on how much you make.

I think the people who are paying 100k over asking price can afford to lose 100k because they are so rich, probably the 1% income bracket (500k/yr).

I'm in the 5% income bracket (~200k/yr) and I can stomach losing 10k.

It's curious how no one cares that we are the top of the market, but in the past years people use to post how it was a terrible time to buy and fears of buyer's remorse. Did everyone move away or threw in the towel and finally bought? Do any of the pre 2020 buyers have any buyers remorse now? Do any renters waiting for prices to drop have any remorse for not buying over the years?
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PostPosted: Sat Oct 23, 2021 2:42 am GMT    Post subject: Reply with quote

I've been following this board for years now. No one here ever thinks it's a good
time to buy, no matter how the economy is doing. I agree that you shouldn't
buy during peak bidding war season. But at some point you just need to buy
a house if you want to own a house.
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