There are many many multiple contract presentations in our market area (Bethesda, Chevy Chase,Rockville, Potomac, NW DC, Capitol Hill (NE,SE). Keep in mind that "overbidding" is primarily dependent on a concious pricing strategy to encourage multiple offers, If an agent and the seller agree to list ia home close to a market derived price, there is a chance in a low inventory market for multiple offers, some of which may escalate to over full asking price. Also keep in mind that the price aproperty closes for establishes the "market price" and that is what a willing buyer and seller come to an agreement on in a purchase contract.
R Scott Mattingly,
Long and Foster