Offers 20k over asking but still losing bids in Edmonton

Been looking in the Rutherford area for 3 months now and lost out on 4 houses already. Just had an offer rejected on a 4 bed on Rutherford Rd where we went 22k over list price and still got beat by someone who waived all conditions. Is anyone else in this price range ($450k-$500k) seeing offers going that crazy, or am I just unlucky with the houses I pick?

2 comments

2 Comments

ericfox11d ago

22k over asking and still losing" is exactly why you're losing. You're playing their game. If you're going 20k over asking AND keeping conditions, you're basically offering 10k over asking in their eyes. Sellers don't care about list price, they care about net proceeds and certainty. Your 22k over with conditions is a worse deal than someone going 10k over with no conditions. Every. Single. Time. Especially in that 450-500k sweet spot where there's a million families fighting for the same house. You're not unlucky, you're just not adapting to what the market actually wants right now.

white.alex11d ago

Honestly, I gotta ask - are you waiving the inspection or financing condition entirely, or just making them shorter? Because I've seen people say "low conditions" and still get beat out by a clean offer with no conditions at all. Like, are you actually giving up the inspection contingency, or are you just shortening it to 3 days? Cause that's still a risk for the seller if they think you might back out over a leaky faucet.