Wow what a busy couple of months it's been. The Vancouver real estate market, particulary for detached homes in East Vancouver has been just crazy! I'm pretty sure I've been in at least 2 bidding wars (or multiple offer situation if that makes it sound better!) per week for the last 12 weeks straight.
It's so great when you win and so hard when you lose.
The advice I always give my clients is to know what there max is before the we start the process. Find a number you know you can afford and a number that you won't feel like you didn't do your best if you don't get your dream home. Losing out by a few thousand dollars can be crushing. What I'm finding lately is that places, (indlcuding my own listings) are having multiple offers and many of the offers are close in price. Then one person goes that jump higher in price to insure no one else will get the home.
This crazy jump in price that no one saw coming is happening more and more. Wonderful for sellers and tough for buyers. I think keeping a level head and knowing your limit is wise but if it's your dream home and it's within reach sometimes going all in is the only way to win.