Buyers frustrated by overbidding in neighborhoods with good schools want to know if this is going to keep happening.
Q: Twice we have lost out on purchasing a home due to a 10% overbid. Even crazier, these properties were already overpriced when they came on the market. Is the buyer or buyer’s agent orchestrating this ridiculous overbidding? Our buyer’s agent said she would not engage in such reckless homebuying representation. Granted, it is commendable to have a buyer’s agent who looks out for our best interest. But soon this ludicrous process of obscene overbidding in neighborhoods with excellent schools will price us out. Of course, we can buy similar homes in equally appealing neighborhoods in other cities for 60% or 70% of these prices. We could place our children in private schools in these less expensive towns. By avoiding the bidding frenzy for excellent public schools, we’ll save money over time, but it also means driving to and from private schools.
