You lost a bidding war. What now?

You had found the right home. Somebody else bid more. It hurts.

Take a day

It is normal to feel disappointed. Give it a day before you look at new homes.

Look at the final price

When the final price is public, compare it with your maximum. Was the winning bid far above your maximum, or close?

If it was far above

Your sense of the market may be too low for this area. Check more final prices. Maybe you need to look in another area, or for a smaller home.

If it was close

You were right about the market. You just met a buyer who wanted it a little more. Keep your number.

Learn the pattern

After two or three losses, look at all the final prices. Is there a pattern? Do homes in this area go higher than you expect?

Practise

Guessing sold homes in your target area makes the next maximum more realistic.