That depends. How would that information affect your level of interest? 

As long as a property is “still available” to bid on and you know if a contract signing is imminent, you have a decision to make. Even then, there is no guarantee that, regardless of the type of market or the amount of competition, a buyer will have a "second" chance when making an offer to buy Real Estate. If they really like a house they may want to consider making their best offer at the outset. Should a buyer offer "more" if there is real or perceived competition or "less" if there isn't? Shouldn't they base their offer on HOW MUCH they like and want to own a house and what they can manage financially?
 
 A market analysis is helpful as is concern about an appraisal if financing is involved but why should a house be "worth more" because someone else may like it? Here is the underlying question:  what is the point of making an offer on Real Estate?
 
In my opinion, the point of putting a house "under contract" is simply to lock it up so that the buyer and seller can go through the process of seeing if a sale works for both parties. When a house goes “under contract” before a buyer can make an offer or their offer gets rejected that opportunity does not exist. There may be no "second chance". First impressions may doom an offer even if there is no competition. Not to minimize the process but both parties likely have one or more chances to reconsider their interest in closing a sale.
 
 We are dealing with human beings. How they respond to real or perceived “competition” will dictate whether and how they react. If they reach a “meeting of the minds” with a seller will they come to think they paid too much? Home inspections and appraisals can help. Do they have remorse, wondering if they bought the best house for their "needs and wants”? I have specific strategy to help ensure that a buyer will have minimal if any "second thoughts" but, in reality, other houses will keep coming on the market which can tantalize a buyer not fully committed to a house they have under contract. I have had buyers want to see a house while in the inspection process. I remind them about how they arrived at the decision to make an offer on the house they have under contract. We also have no idea about competition, what it will take to get a signed contract or what inspection issues may exist.
 
 Competition is what it is. Others may be in a better position to buy what you like. If you start looking before you are plan and prepare, you may be forced to watch someone buy the house you wanted to own. All any buyer can do is "know their limitations" and act accordingly. An experienced, trained and educated professional can help!

 Frenzied markets typically result in buyers and sellers having regrets, especially if they failed to plan and prepare. Did buyers jump too quickly and overpay? Do they wish they had waited or bought a different house?

If you would like to discuss this topic further or have any other topics you would like to discuss, please contact me at your convenience.

If you would like information about Delaware County PA or any other County/ specific municipalities in the Delaware Valley, please contact me or visit my website, AndrewWetzel.com.

I am only a phone call, an email or a text away! I respond promptly to all inquiries.

Click here to read my Blogs.

Click here to listen to my Podcasts.

Please remember, when thinking about selling or buying what is likely your biggest asset and largest overall investment,

There is no time for inexperience, empty promises or false expectations!

HIRE WISELY: We are not “all the same”!