Coronavirus Bidding Wars: London Properties
Coronavirus is an interesting time for those that are looking to buy their next London home…
Coronavirus has caused a lot of pent up demand…
Properties have been seen to be purchased (or sold depending on what side of the transaction that you are looking at!) for at or slightly above the asking price.
Looking at Prime Central London (PCL), asking prices (for the most part anyway!) seem to be fair and that is why properties are attracting interest…
Due to this interest, the sellers are receiving offers within a relatively short period of time.
When a property is priced well, as is the case with a number of properties in PCL at this current moment in time, they tend to attract lots of interest and multiple bidders, hence the term ‘bidding wars’…
“Coronavirus has caused a lot of pent up demand.”
If you find yourself in a bidding war, simply offer the absolute maximum that you:
a) Can actually offer in terms of affordability.
b) Are comfortable with offering, to the point where if someone else offers more than you and purchases the property, then you will not regret it.
Bidding wars are a dream for sellers and are often seen as being a serious negative for buyers.
Yes, they are less than ideal, but if you are sensible and use facts and logic to offer the maximum that you can and are willing to offer, then that is simply all that you can do…
Have you ever found yourself in a bidding war?
Have you found yourself in a bidding war at the moment - throughout Coronavirus?
If so, how did you feel?