Imagine this…

You’ve been house hunting for months, and you’ve finally found the perfect home. However, you’re not the only one who’s fallen in love with the house’s charms, location and price. At least three other buyers are interested in the property.

Believe it or not, bidding wars like this are becoming a lot more frequent the Greater Cleveland area, and that means the cost of homes is going up.

That’s a great market for sellers in Northeast Ohio, but it’s not always the best place to be for a homebuyer. As the region’s home values continue to rise with demand, you can expect to find yourself facing off with other buyers to get the kind of home you want.

But what does this mean for you?

You have to come prepared. Below are three key tips you to help give you a competitive advantage if you are caught bidding on a house.

Don’t “Lowball”

It’s natural to want to get a good deal on a home, but coming in with a super-low offer based on the listing price doesn’t always mean the seller will come down in the middle — especially in a seller’s market like Northeast Ohio.

To make an offer that receives a counter offer, look at home sales data instead for recent closed deals in that neighborhood. Then, make your offer based on how homes are selling, not on the dollars you hope to shave off the listing price.

Rely on Your Agent

So, how do you get regional sales data?

You may want to ask your own real estate agent. Buyer’s agents are well-equipped with this type of information to help you find the best deal.

Pro tip:

In a bidding war, don’t rely on the seller’s agent. That means you should have your own home-buying pro, ready to negotiate on your behalf.

While you may be able to close deals faster by working directly with the seller’s agent, your interests in the deal can often go unprotected. Good buyer’s agents will know how to effectively negotiate both quickly and fairly on your behalf.

Use Your Head

Bidding wars feel competitive, and of course, you’ll want to win!

But, what does “winning” look like?

Don’t get stuck on the feeling that winning means you have to buy the house. Homebuyers win when they get the features they love for a fair price. Sometimes, that means you need to walk away from bidding war that’s become to heated or starts to stretch your budget.

Keep your eye on the goal — getting the most “bang for your buck!”

And, don’t forget:

A buyer’s agent may have the market knowledge and objectivity to advise you on the right time to walk away and look elsewhere.