Ever attended an auction sale for antiques or real estate? If so, you noticed that the final sale priced was determined by the highest bid. Regardless of whatever price the sellers had in mind, it was the highest bid which determined the final sale price.

It's no different when buying a home, except that sellers post their expected price as the "asking price". But, wait! Here's where home buyers often make a mistake - by offering substantially LESS than the asking price - and end up losing the home to another buyer.

For several years now, our economy has been moving at breakneck speed, and home buyers attitudes have changed. Because housing sales are at record levels, Fairbanks home inventories are limited. Thus, buyers are competing to purchase homes currently on the market.

Buying a home soon? Have me conduct a careful home search for you, study local home prices carefully, and ask plenty of questions. The more you know, the better prepared you will be to make a purchase offer that gets the seller's attention. Remember, the asking price is only a starting point - you may want to consider bidding full or higher. One other tip - include a substantial earnest money deposit with you offer. To sellers, it is a sure sign of your positive intention to complete the purchase. In Fairbanks, a minimum of 2% of asking price is customary.