Majella Galvin: A property bidding war survival guide

How to buy a home without getting burnt out

Majella Galvin: "A guide price should be a genuine and meaningful indication of a property's market value, based on the information available at the time."

Our son and his partner have been trying to buy a home in Cork for the past few years. They have saved a good deposit, and both have good jobs, but have lost out on three properties because other buyers outbid them.

The gap between advertised prices and the prices properties sell for is difficult to understand. In some cases, the final price has been considerably higher than the asking price.

They even bid on the same house twice, after the first sale fell through, with it eventually selling for more the second time.

Our son and his partner are becoming frustrated and wondering whether they should keep trying to buy or step back to see if more properties come onto the market or prices settle. They don’t want to get caught up in bidding and pay more than they can comfortably afford, but they are also worried that prices could continue to rise if they wait.

Why is there sometimes such a large difference between the asking price and the eventual selling price?

How should buyers interpret the asking price when deciding which properties to view and bid on?

And what advice would you give buyers in this situation — is there merit in stepping back and waiting for the market to change?

— Cathy

Dear Cathy, I can understand why you all are becoming frustrated. Buying a home is a major financial and emotional decision, and repeatedly finding a property you like, making an offer, and then losing out can be disheartening.

The difference between an advertised price and the selling price is a complaint we hear about regularly. It can be difficult for buyers to know what properties are realistically going to cost and, consequently, which properties they should be viewing and bidding on.

What does ‘guide price’ actually mean?

A guide price should be a genuine and meaningful indication of a property’s market value, based on the information available at the time.

It should give a buyer a reasonable indication of the quality of the property and whether it is likely to fall within their budget.

The price should not be artificially low and just designed to generate bidding.

However, that does not mean a property will necessarily sell at the guide price.

Ultimately, the market determines the final selling price. If several buyers are interested in the same property, competition can develop and the property may eventually sell for considerably more than the asking price.

There is an important distinction between a property attracting stronger-than-expected competition and a guide price being set at a level that does not realistically reflect the property’s value.

For a buyer, however, that distinction can be difficult to judge from an advertisement alone.

The market is also an important part of the picture. The latest CSO Residential Property Price Index shows that residential property prices nationally increased by 5.5% in the year to July 2026. Outside Dublin, prices were 6.4% higher.

That does not mean every Cork property has increased by those percentages. Property is very local, and location, condition, size, specification, and the availability of similar homes can make a significant difference.

The index does, however, show that buyers are currently operating in a market where prices have continued to rise.

Here are seven steps for buyers

• 1. Set a firm, maximum budget. Know what you can comfortably afford and don’t allow the pressure of bidding take you beyond it;
• 2. Research actual selling prices. Look at comparable properties and use the Residential Property Price Register as an information source;
• 3. Speak to the selling agent and understand the property, its condition, the level of interest, and how the guide price has been established;
• 4. Get on local agents’ databases. Tell the agents exactly what you are looking for and make sure they know you are serious buyers who are in a position to proceed;
• 5. Make genuine offers. You should be prepared to proceed if your offer is accepted, subject to contract and the normal legal and financial process;
• 6. Know when to stop. If the bidding goes beyond the price you believe the property is worth or beyond what you can comfortably afford, walk away. The aim is not to win the bidding, but to buy a home that suits, at a price you are comfortable paying, and to be in a position to proceed when the right property comes along;
• 7. Keep looking. Losing three properties is disappointing, but it does not mean the next opportunity will be the same.

I would advise your son and his partner to keep looking — but I would not chase the market.

There is no guarantee that waiting will result in lower prices, and, equally, nobody can say with certainty what the market will do in the future. What your son and his partner can control is their own position.

Property chains

One issue we are also seeing is the effect of property chains.

If someone needs to sell their own property before buying another, and the seller of that property is also buying elsewhere, several transactions can become linked. If one sale in that chain falls through, it can have a knock-on effect on several other properties.

So I would not automatically assume that a failed sale means somebody has done something wrong.

Multiple bids

I understand why someone who has already lost several properties might be tempted to make offers on more than one. In a difficult market, people can feel that they need to keep their options open.

But there is a difference between looking at several properties and having active offers on several properties at the same time.

If a buyer makes an offer, it should be genuine. In other words, if it is accepted, they should be prepared to proceed, subject to contract, legal advice, finance, and the normal checks involved in buying a property.

Where a buyer makes offers on several properties and then decides to proceed with another property, after one offer has been accepted, that can potentially affect other transactions further along a chain.

It can also influence the bidding process for other buyers. For that reason, I think everyone has a responsibility to act as clearly and responsibly as possible.

Estate agents have professional and regulatory obligations around the handling and recording of offers.

The Property Services Regulatory Authority framework provides for an advised market value and requires records of offers to be maintained.

The PSRA Code of Practice also requires property service providers to act honestly and openly and not create false or misleading records of offers.

The last word

I would encourage your son and his partner not to let the fear of missing out dictate what is ultimately a very significant financial decision.

They have already done something very important by saving a deposit and putting themselves in a position to buy. They now need to combine that preparation with patience and discipline.

They may lose another property.

That is part of buying in a competitive market.

But if they understand the local market, know their financial limit, build relationships with local agents, make genuine offers, and are ready to proceed when the right property comes along, they put themselves in a strong position to secure a home without compromising their longer-term financial security.

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Majella Galvin: "A guide price should not be an artificially low figure designed to generate bidding. However, that does not mean a property will necessarily sell at the guide price."

• Majella Galvin is chair of the Membership and Public Affairs Committee of the Society of Chartered Surveyors Ireland. She is a chartered surveyor, estate agent and registered valuer at DNG Galvin auctioneers Bandon.