The housing market is making a comeback and mortgage interest rates are low, but there's a new challenge for home buyers. Competition from other buy
ers is on the rise as more people are taking advantage of the situation. This is driving up the home prices as well as shutting potential buyers out of the homes they want.
This is starting a bidding war among potential buyers and many are making mistakes in the pursuit of the American Dream. The biggest mistake is outbidding on price based on the fear of losing their ideal home. Some home buyers are actually bidding above the asking price just to keep a leg in the door. They are placing bids on homes that are worth more than the actual property. This is especially true in the cases where bank-owned foreclosures are concerned.
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