Buyers are out in force, new listings are coming on every day this Spring along the Main Line and when a buyer finds a home that meets their list of requirements the next question is "To offer or not to offer". Some buyers don't want to compete with others feeling it will encourage them to pay too much. Some don't want to offer because it is the first home they have seen. Some want to just wait, in case they reduce the price.
Several times in the last few weeks I have heard of properties that have received multiple offers, some have not gone under agreement as buyers have not made an offer enticing enough even in a multiple offer situation to encourage the seller to say "Thank you, yes I will accept your offer." Some have sold for over the asking price, if their Realtor is smart these will have an appraisal contingency to ensure that the buyer is not forced to go to settlement if the home does not appraise for the full price.
What I don't understand right now is not making an offer if a home meets your list of needs and wants. Yes, more homes are coming on the market, but if this home meets your needs make an offer. You know your price limit, so stick to it, it does no damage to you or your credit to make an offer.
Your terms may very well be more acceptable to the seller. As I have said many times before, an offer is more than just the price. Whilst this is a large part of the make up of an offer, the settlement date, days for inspection, financial background of one buyer over another can all make a difference to a seller.
With interest rates still holding close to historical lows, and not looking as if they will drop further, if a home meets your wants and desires make an offer and lock in your rate. If there are multiple offers don't be put off, consider what is a fair price and make an offer.
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