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by CareyBot

Recently, a journalist asked me about what dynamics in an individual buyer's situation can cause her to make an over-asking offer, even on today's quote-unquote "buyer's" market. One I've seen at work time and time again is anecdotal evidence -- hearsay -- from friends and family reporting back that they are getting outbid on home after home. The only thing with more power to make a bargain-hunting buyer go in above the list price is, well, losing a home themselves! The conversation brought to mind all the ways in which hearsay -- things buyers and sellers and even homeowners hear from other people -- influences their vital real estate decisions and actions: 1. Hearsay creates a sense of urgency. When prices or rates are reportedly on the upswing, buyers get urgent. ...