Houses are getting multiple offers this spring. The winner in a “bidding war” pays top dollar for a house. Sometimes more than it is worth.
I want to caution home buyers that winning the bidding war isn’t always a good thing. Some homeowners who bought houses in the last couple of years knowing that they had secure jobs and that they would never be laid off, have been laid off.
Others outbid other buyers for the opportunity to move out of the city and further from their jobs. At the time they knew they would always be able to work remotely except now they have to go into the office and they really hate the commute but can not afford to sell.
There is no such thing as a “forever” job and jobs that allow workers to always work remotely are not all that common. When buying a house have a plan for layoffs or a job transfer or a commute.
Try not to overpay and plan on owning the home for a minimum of five years.