real estate

7 ways homebuyers overpay

Bidding fatigue
Bidding fatigue © wavebreakmedia/

In a competitive market, buyers commonly spend months making offers on multiple homes. The process can be exhausting and demoralizing -- and expensive.

"Buyers can most definitely get fatigued in this market," Golden says. "Bidding on homes and not getting anywhere can be very frustrating, and sometimes that frustration does cause buyers to up their budget."

Increasing your budget isn't necessarily a bad thing, especially in a competitive market. The key is remaining within an affordable range, according to Golden.

"I would strongly advise buyers against overpaying by a lot just because they're worn down," Golden says. "It makes more sense to either rethink their wants and needs in a home, or even consider sitting it out a bit, if they're able to."


Show Bankrate's community sharing policy
          Connect with us

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.


Crissinda Ponder

Borrowers more satisfied with lending process

A new J.D. Power study shows that consumers are more satisfied overall with mortgage origination this year than in 2014.  ... Read more

Partner Center

Connect with us