Bidding wars have become less common due to increased housing inventory, high prices, and mortgage rates, but still occur in competitive markets. Buyers can improve their chances by getting preapproved, offering more money, setting short offer expirations, increasing down payments, making cash offers, waiving contingencies, or adding escalation clauses. Sellers should prioritize cash offers, assess buyers' financial strength, consider contingencies, know their home's value, and compare closing dates.
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