How to Cope after Losing the Bidding War on Your Dream Home
Published | Written by Sophia Morales
Losing the bidding war on your dream home is a lousy way to go – it can be disappointing! However, there are ways to cope with losing out on a home and keep moving forward with your search for real estate. Take a look at a few ways that can help you cope after losing the bidding war on your dream house.
Keep a level head
You might not be able to buy your dream home at the moment, but that's not a reason to get frustrated. It's essential not to take it personally – it's just a house! Not everything in life works out, and there will be other homes for you. If you allow yourself to get wrapped up in this one house, it could affect how you view your future home search process. Nothing is worse than being emotionally invested in something that isn't meant for us. It would only make our lives more difficult if we tried forcing ourselves into something that wasn't right for us.
Focus on the process
The most important thing you can do after losing the bidding war is to focus on what went well – and how to improve for your next attempt at home ownership. Think about what you learned from this experience that will help you in future bids. It may be something new about yourself, such as that your family isn't ready yet or that it's time to upsize and move into a bigger house.
If you have another dream home in mind, think back over all of your research: What did you learn from touring each property? Which were better than expected? Which were worse than expected? What could make them better (or worse) next time?
Look for a new dream home
When you find yourself in the position of having to move, it can be hard on your heart. You may have loved the home you lost out on, but now your search is on again – and this time, it's not as simple as finding a place that fits your budget and has all the right amenities. If you're looking for a new home in Seattle after losing out on one that was perfect for you, keep the following things in mind.
Be realistic about what features are important to you
Don't set yourself up for disappointment by insisting that every new house has to have an open floor plan or a fireplace when those elements aren't even at the top of your list. Think about what's most important: location, parking, or a yard? Make sure these things are present in any new home before making an offer or signing papers with another real estate agent.
Look for houses within your price range
As tempting as it may be to try to get into something more excellent than last time because "you can afford it now," don't go overboard! It's easy enough when buying something more significant or newer will allow more space without affecting rent prices too much. However, buying something more expensive than necessary could put undue stress on your credit card debt and student loans.
Re-evaluate your needs and budget
Once you've gotten over the initial disappointment of losing the bidding war on your dream home, take some time to re-evaluate your needs and budget. It's important to focus on what you can afford instead of getting caught up in the excitement of a bidding war. Before buying a home, keep in mind that you might need to set some money aside for additional fees.
If it was a matter of money, maybe other properties within your price range would be more suitable for your family. Or perhaps looking at foreclosures or short sales will give you more choices with similar price tags. Either way, don’t rush into anything – there may be another opportunity coming soon!
Don’t let your emotions get the best of you
If you have been in the market for a new home and have been outbid on your dream home, don't let your emotions get the best of you. Don't take it personally, and don't let it get you down. And most importantly, don't let it stop you from looking for a new home!
If you feel frustrated or angry about losing the bidding war, try to remind yourself that this isn't personal. Your competition is likely going through the same things as well. And they just got lucky enough to win this particular house at this specific time. That doesn't mean they're better than anyone else: They could offer more money than everyone else combined at that moment (or maybe their agent had an extra coupon code).
Use this experience to be more prepared for the next home you buy
You can take this experience to be more prepared for the next home you buy. You’ll have a better understanding of what you want in a house and will be able to do your research better before putting in an offer on another one. Once you find the one you like, all you need to do is find Seattle movers who will help with your inventory. With help from the right team in the area, you will enjoy living in your new home in no time!
While it might seem like every other house on the market is out of reach, that doesn't mean there isn't something else out there that's perfect for you. The process can get discouraging at times, but don’t let it get too emotional – it'll only make things worse! Just focus on what you can learn from it and move on to your next dream home experience.
After losing the bidding war on your dream home, try not to despair. You can still buy a home that's right for your family and budget, even if it isn't exactly what you were hoping for. Remember that this experience is an important one for future homeowners because it will help you learn about how to be more prepared for the next time around!