Are you in the war? Bidding wars are back!

Asked by Alane Anderson, Newport Beach, CA Tue May 1, 2012

Put in offers on 6 different properties until we finally got our buyers accepted! Multiple bidding wars...who flipped the switch?
Check out the WSJ article, May 1, 2012 entitled: "Stunned Home Buyers Find the Bidding Wars are Back"

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15
Jeremy Lehman, Agent, Garden Grove, CA
Tue May 1, 2012
More real estate drama, that's all we need! As if short sales aren't bad enough. I hope agents aren't stirring the pot more than it should be. I've instructed several buyers not to get caught up with the temporary lack of inventory. There is absolutely no reason for pricing to spike at a time where there is still inventory (possibly less desireable) and swarms of people not paying their mortgage.
1 vote
Ron Thomas, Agent, Fresno, CA
Tue May 1, 2012
NO!
How about all those buyers who are waiting for the bottom of the market?

We can't leave them behind!
1 vote
Carmen Brode…, Agent, Scottsdale, AZ
Mon May 7, 2012
Almost all my offers encounter multiple bidding situations. It is out of control in Scottsdale.
0 votes
Kimo Jarrett,…, , Huntington Beach, CA
Sun May 6, 2012
It depends on the desirability of the neighborhood, otherwise, I don't see any bidding wars. Over 23% of homes on the market are distressed properties and those will experience multiple bids but that's the process because the lender determines an acceptable offer. The time to buy is now because of the low interest rates, yet if a buyer has cash he can continue to keep bidding until a property is closed.
0 votes
Liz Noriega, Agent, Huntington Beach, CA
Tue May 1, 2012
Yes there are multiple offers on properties priced under $500. But aren't we opening the door for our next set of problems? Is the value there? Will the properties appraise? Are we doing a disservice to our clients?
0 votes
Carmen Brode…, Agent, Scottsdale, AZ
Tue May 1, 2012
They are everywhere in Scottsdale AZ
0 votes
Rachel Perci…, Agent, Greenbrae, CA
Tue May 1, 2012
Seeing multiple offers on most properties at entry level in Marin (under $500k), starting to creep into the higher price ranges now too. The tide turned quickly here.
0 votes
Greg Myers, Agent, Gaitherburg, MD
Tue May 1, 2012
Multiple offers in the D.C area. We went from a buyers market last fall to buyers having to using escalation clauses again.

The primary reason is we have 1/2 the normal housing inventory of the previous 2 years.

Greg Myers
RE/MAX Realty group
0 votes
Greg Myers, Agent, Gaitherburg, MD
Tue May 1, 2012
Multiple offers in the D.C area. We went from a buyers market last fall to buyers having to using escalation clauses again.

The primary reason is we have 1/2 the normal housing inventory of the previous 2 years.

Greg Myers
RE/MAX Realty group
0 votes
Thom Colby, Agent, Irvine, CA
Tue May 1, 2012
Buyers have their pens ready and are increasing offers at the door......... How long will this last?
0 votes
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Tue May 1, 2012
Great information to share with borrowers. The sooner they get off the focus of trying to "steal" the property, the more success they will find on the purchase. The only borrowers I see going into contract pretty quickly are the ones who understand that the market has already turned and the lack of inventory is just fueling the fire.

i am curious if the multiple bids are happening just on traditonal sales and REO's, or if you are seeing them on short sales as well.
0 votes
The Meridian…, Agent, Lone Tree, CO
Tue May 1, 2012
We are experiencing the same in Colorado! Multiple offers, full price offers, offers over list price and no more contingencies! Just over the past two months the market has really taken turn!

Tammy Petit
Broker Owner
Managing Broker
The Meridian Group, LLC

P 720-331-2355
F 303-648-4920

http://www.MeridianGroupRealEstate.com
0 votes
Queenie Chen, Home Buyer, San Diego County, CA
Tue May 1, 2012
Exactly! Two offers I wrote last week. Both had multiple offers, and all above the listing price.
0 votes
Cyndi Mino, Agent, Huntington Beach, CA
Tue May 1, 2012
Not just multiple offers, but offers way over list price, and waiving contingencies!
0 votes
Rochelle Cha…, Agent, Mission Viejo, CA
Tue May 1, 2012
Very True!!! Every offer that I have written in the last month has had mulitiple offers.
0 votes
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