LOCATION! LOCATION! LOCATION!
Homes in Sierra Vista Arizona may or may not be subject to the attached article. However, I too have buyers that when they are ready to write up an offer on a home (they like to think about it for a few days) have found that the home they wanted to make an offer on was already under contract. My Professional Advice is disregarded. We do eventually find them another home.
Last week, I was out showing properties to a young Couple that has been wanting to buy a home since January. Back then, I told them that our market had already turned around and homes prices as well as their value was on an upturn. They waited.
They have been watching the news closely for some time, and when things looked bleak, they'd sorta back off. When the news came that home sales were up, they became a little more active.
A couple of months ago, we were seeing the Multiple offers scenario, but not to the extent of which we are seeing it now. It has gotten to the point now, that whichever home my buyers became interested in, it already has several offers, either coming in or already presented. My Buyers do not want to get into a bidding war.
They may have to.
My buyers found a home that they absolutely loved. We toured it and then toured it again the next day. They were prepared to make an offer. We pulled comps and drew up the paperwork. When we got to the point of presenting the offer, the Listing Agent had informed us that several offers were already received and a couple of more were on their way. This home had only been on the market for two days.
My Buyer exclaimed, "That's not supposed to Happen!".....
In this market, what IS supposed to happen?
The Buyers had been so in tune with the television and the media reports, that they lost focus on what was going on around them, locally.
Every Realtor® knows that each of our Markets are LOCAL, not National. Waiting to see what happens to the Nation as a whole, may just in fact leave a few Buyers wondering why they missed the "Bottom". It's because they were glued to the Boob Tube.
When a trusted Agent tells you it's time to buy, you may want to heed that advice.
Otherwise, you just may need to come to the next round, fully armed and prepared for a Bidding War.