In today’s market, there are more buyers than available homes. Properties are selling quickly — sometimes for above list price — and multiple offers are common. In a competitive seller’s market, there is a greater chance that buyers may lose a few bidding wars before finally getting an accepted offer. But losing out on what you thought was your dream home can be devastating. Here are some tips for dealing with rejection and setting yourself up for future success.

It’s hard, but try to leave emotion out of it
No matter how many times you tell yourself you won’t get emotionally attached to a home, it’s easier said than done. REALTOR® Morgan Hutson, associate broker with Coldwell Banker Hubbell BriarWood, says in today’s market, it is even more difficult for buyers to handle rejection.

“When there is more inventory, it’s a bit easier to move on after losing a bidding war because something else will likely come along,” she said. “But when there isn’t much to choose from, buyers are much more disappointed because they don’t know when they’ll find something that compares.”

Hutson says to help avoid unnecessary stress and heartbreak, she ensures her clients are educated and prepared before heading out on the house hunt.

“Before I even take clients through a property, I let them know how much activity it has,” she said. “If my buyers are interested in a home that’s had 12 showings in the past two days and already has two offers, I prepare them for a multiple-offer situation and let them know they’ll need to make a quick decision. Then they can decide if it’s something they’re emotionally ready to take on.”

If you do go all in and lose out, it’s okay to mourn. But make sure you get back out there. If you stay fixated on the home you lost, you may miss out on another great property. Nine times out of 10, the house you finally do get will be a much better fit.

Submit Your Best Offer
Even if your offer is rejected, you won’t have regrets if you gave it your best shot. In previous market’s, buyers had the ability to start low and do some negotiating. But today, most buyers only have one chance.

“You don’t know what the other offers are, so you have to put in the cleanest and strongest offer you can without going over your budget,” said Hutson. “If you get outbid because someone offered more than you were comfortable paying, then you really didn’t lose...you actually made a smart financial decision.”

REALTOR® Lauren Flannery with Howard Hanna Real Estate Executives says when the budget is tight, she recommends buyers look at homes a little below their max budget, so they can offer above list, if needed.

“Going a bit lower in price can give you some wiggle room, allow you to be more aggressive with your offer, and hopefully increase your chances of getting a house,” she said.

Second place isn’t so bad
Remember, deals fall through all the time for many different reasons. If your offer wasn’t accepted, Flannery says it’s a good idea to take second (or third or fourth) place.

“Just this week I had clients who submitted their best offer but didn’t get the house,” she said. “I received word in the evening that they were in the third back-up spot, and by the next morning, they moved to first because the other two offers fell through. I always recommend taking a back-up position because you just never know what might happen.”

Understand what went wrong
If your offer is rejected, it may be that you did nothing wrong. It could be that the competing offer was all-cash and 20 percent over asking. But no matter the “why,” it’s still a good idea to check in with your REALTOR®.

“If you lose several bidding wars in a row it’s time to reevaluate your strategy,” said Hutson. “We want our clients to be successful, so it’s our job as REALTORS® to have those tough conversations with our clients. Maybe a buyer isn’t being aggressive enough with their offers. If they aren’t comfortable pushing the budget any further, then we need to adjust our search criteria, or they may even need to press pause and wait for a less competitive market.”

Always seek professional guidance
In a seller’s market, it benefits buyers to get all the help they can. When dealing with a purchase as emotionally and financially important as a home, it’s best to put your trust in a local expert who is looking out for your best interests.

“Working with an experienced agent can give you the best chance of submitting a winning offer,” said Flannery. “We know the ins and outs of the local market, we know what it takes to be ‘offer-ready’ in this competitive environment, and because of our large network, we often hear of listings before they hit the MLS, which can give you an edge over the competition.”

For a list of professional area REALTORS® who are ready to help, visit the Greater Lansing Association of REALTORS® website at www.lansing-realestate.com.