We have a pretty exciting seller's market in the Atlanta area. It's exciting for the sellers...not so much for the buyers. In certain price ranges homes languish on the market for days. Not weeks, days. Desirable homes at the right price are selling for more than list within days of hitting the market.
With this in mind, the poor buyers are being stressed to the max. They will see a home today they like, write an offer this afternoon, and be in a multiple offer situation by this evening. To combat this, I am seeing buyers now placing offers on multiple homes. They make offers on several homes at once and hope they get one. If more than one responds back they can pick and choose, and terminate any others within their due diligence time frame.
Is this a good method to combat this market? Well, I don't much like it because as an agent I have to keep up with multiple offers. Also, we keep looking while these offers are in just in case we don't get any of the homes we make offers on. And its not like we are low-balling these offers. They are coming in at list or better, and still not working.
Until the market corrects itself and becomes more balanced, I believe the multi-offer strategy will have a part to play in combating the short inventory situation we have in this area.
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