Yesterday at our weekly sales meeting, many agents commented that multiple offer situations are starting to occur more frequently in our market. With 29 months of inventory and an average days on market of over 6 months, you would think this is unusual. Two of my last 3 transactions involved multiple offer situations (one was my buyer and the other my listing). Here is what the homes had in common: (1) They were priced right at market and both sold at 95% of list price; (2) They showed great. They were spotlessly clean and beautifully decorated. (3) They were not the highest priced homes in their neighborhoods but fell into the lower or middle price point.
Sellers–price your home right to begin with. Buyers–if your agent says “write an offer today and make it a good one”–believe it. My buyer listened to me and is now happily enjoying her new home while the buyers who competed with us missed an opportunity and are still searching.