The housing market in my area is very competitive right now, people trying to find a home for a decent price. We were looking around at some homes recently and our agent advised us that we can expect to be outbid at least 3 times right now, before actually winning the house that we want. Not to mention that people are pretty much forced to offer above the asking price. I hope things level out soon.
@Rosyrain: This reminds me of a public tender we attended recently. There was a piece of real estate we were interested in and decided to offer 70k$ above the asking price, thinking for sure we would get it. In the end, we were outbid by 100$k! Someone else offered 170k$ higher than the asking price! It was crazy. Hahaha
This sometimes happens on overhyped properties where you hear a lot of promising potentials in it from a lot of people then everyone becomes excited. We have to be careful with these things. You always have to make sure you do enough research and consult credible advisors.
