Yes, multiple offers… they are back!
We have many agents in our office who have had been in bidding wars with other buyers during the past few weeks.
Yesterday one of my buyers and I went to look at a new listing in a neighborhood that we have been watching for about a month and decided to make that seller an offer. The listing agent called as soon as she received my call, thanking us for braving the elements to show the property and was happy to hear I would be sending an offer. Normally I would have driven to her house or office to personally deliver the offer but with a foot of snow on the way, she said she would be happy to receive it by e-mail and thought they would be able to get back to us that night with an answer even though we gave them until the morning. A half an hour later, she called and told me another agent called to say that they were were going to send her an offer.
My buyer and I immediately talked through the options and sent back a revised offer and because we knew they were technologically savvy, not only did we give them a great offer (price and terms) we only gave them 2 hours to respond. We didn’t want them to even look at another offer.
While driving home through the spring blizzard, my son was texting the other agent (as directed by me of course) as we drove to pick up his tuxedo for prom the next night. By the time we got home we received a phone call from the other agent. They accepted our offer as we wrote it and they hadn’t seen the other offer yet.
This morning I dropped of the earnest money check and the first signed offer. I called the agent a couple hours later to make sure she did receive it, she told me that they received 4 offers this morning! WHEW!
The reason this place had so many offers in less than 2 weeks was because they were priced RIGHT, they were immaculate, they were ready to move on to their next home.
From the buyer’s stand point, we are grateful that we were not in a bidding war. From a seller’s stand point, maybe they could have received more money, maybe they would have lost all five buyers, there are 4 other really great properties who have been on the market for a longer period of time, who would possibly take a lower offer than they are asking.
Sellers: price it right and get it off your hands so you can move on to your next chapter and not be in limbo. You will see multiple offers if you are priced right. The buyers are waiting to find the cream of the crop that is priced right. If they don’t know the prices in the neighborhood, the agents will and your house will show like crazy until you have it under contract.
Buyers: know the neighborhood and the prices or trust that you have hired a great agent who will tell you when it is a great deal. And remember, a GREAT DEAL, means finding a home you love in your price range. The interest rates right now make every neighborhood a great deal, but it is only a great deal if it is a home you want.