Tuesday, July 28, 2015

MULTIPLE OFFERS AGAIN ~ SOLD OVER ASKING

Here we are at the end of July almost and no slowdown in sight.  Interest rates still at an all time low and housing market still going crazy.  Not enough inventory for the buyers.  Bidding wars are the norm now.   Most homes that are listed are holding offers until a certain date.  The key is to not hold them that long and not price it too high.  Sometimes this is backfiring on agents who are not pricing the home correctly in order to entice a multiple offer situation.

The benefit to the Seller is that it is done in a short period time - I usually do Thursday to Sunday or Monday - and then best offer wins... this last property had over 100 showings between Thursday and Monday...Multiple offers were registered and then "Best Offer" wins.

Word to the wise, if you are participating in a multiple offer situation, don't bring an offer conditional on financing and home inspection with 8 or more offers, you aren't going to get it and you are only increasing the value of this home by adding your offer in the mix.   

In this market, it is hard when there are so many players to win in a multiple situation like that .. so you need to scope out a listing that has been on the  market a while, maybe needs work, or overpriced and try your conditional on financing and inspection offer but not when a house has 7 or more offers... I feel bad for the agent and for the buyers waiting ... but that is the game of real estate right now.

Its tough to buy a home when you are constantly in a multiple offer situation. Last night was the same thing.  Seven offers.  One winner.  Happy to say my client was thrilled with the results and the winning Buyer Agent was as well.


If you are looking for an aggressive approach to selling your home and an up to date market evaluation, call a local full time Realtor .. or call ME... :)   Have a super week everyone... Mine is off to a great start.
Cheers !
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