Question Details

Kyle Kovats, Real Estate Pro in Roseland, NJ

Are multiple offers happening all around the country?

Asked by Kyle Kovats, Roseland, NJ Sun Dec 15, 2013

Seems as if every property I put on the market has had multiple offers. Is this happening all over the country or just NJ?

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Answers

10
Multiple offers here in South Florida, an ongoing situation for the past 6 years specially on distressed sales or properties that are priced competitively, a strategy that never fails.
1 vote Thank Flag Link Mon Dec 16, 2013
If a house is priced correctly you bet that it will most certainly have multiple offers. It is your job as a buyers agent to present that offer so that it may be accepted. If you were a seller and you have 4 offers all at the same price what would be your factor to set them apart. If you know that you buyer has great credit, downpayment already in the bank account for a couple of months then submit that offer with all of those conditions showing that your buyer is the best possible option. It also won't hurt to send the seller a letter from the buyer explaining how much they loved the house and how they will love to raise their family in that house, this is a proven strategy that has worked for me plenty of times.

All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965
antonio@exitrealtysearch.com
http://WWW.LOVINGMYTOWN.COM
0 votes Thank Flag Link Tue Dec 17, 2013
Not many in my area but for the right house we are beginning to see some happen.
0 votes Thank Flag Link Tue Dec 17, 2013
No, Kyle, as you can see, this is not just happening in our area..............although I can't say "every property" I put on the market has multiple offers...........hopefully your listing on Prospect will get multiple offers, too!
0 votes Thank Flag Link Mon Dec 16, 2013
In Washington, DC …yes with above asking prices!!!!
0 votes Thank Flag Link Mon Dec 16, 2013
We're seeing multiple offers for every price range here in the Denver area. Still a major seller's market, though the absorption rate has climbed just a bit.
0 votes Thank Flag Link Mon Dec 16, 2013
We're seeing multiple offers on some properties in Silicon Valley and nearby communities. Many are low-ball, which don't really count, but for better mid-range properties (for us that's $1M - $2M) we're seeing multiple offers above market value, all cash. (see Note 1)
Note 1: A big fad among brokers in our area is listing properties below market value to create a bidding war. This has made marketing statistics that include listing prices useless when trying to get a bead on how the market is moving.
0 votes Thank Flag Link Mon Dec 16, 2013
When a property is priced 'right', e..g., market value, not high, not low, I'm seeing lots of multiple offers. If it's a right-priced shortie, then sometimes there are up to 10-20 offers. Still crazy in certain instances.
0 votes Thank Flag Link Mon Dec 16, 2013
It is happening but not across the board just on certain properties Still a buyer's market here.
0 votes Thank Flag Link Sun Dec 15, 2013
It is happening here in Michigan. Even homes in areas that are not "hot" are getting multiples if the home is priced right.

Of course, wouldn't that always be the case? Isn't there a "multiple offer threshold"??

I mean, even when things were the worst, if you took a home that was worth $400,000 in Jun of 2006 and then price it at $125,000 in November of 2008...wouldn't it STILL have gotten multiple offers?

Interestingly enough though, there are STILL homes in the "hot" areas which are expiring. Some houses with multiple offers and some expiring. That shows that it is still very much possible to over-price a home right now.
0 votes Thank Flag Link Sun Dec 15, 2013
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