Multiple offers. Yes. Back to the beginning... or at least, a semi-kick-back to those 'good ole days' before bubbles started popping.
I have been encountering multiple offer situations since last Spring, and if anything, it is increasing. And, no, it is not only with the bank-owned properties. I also encountered it last summer in the high-end range.
With the high-end homes the situation was a lack of inventory. Too many would-be sellers seem to be waiting 'for the market to improve.' Many of those who normally would be either downsizing or 'moving up' have the option of doing it now or later. And many are choosing the 'later' option - just sitting tight until the economic storm is over. Thus, inventory has been low in some prime Bellevue and Seattle areas creating a minor seller's market.
And the bank-owned. My experience here has focused on entry-level areas with first-time homebuyers and investors. All the bank has to do is price the home competitively, i.e., at or just below fair market value, and the buyers are attracted like bees to honey. So, for every one home sold, there remain three or more disappointed buyers.
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