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Multiple offers..coincidence or trend

Talking around the "water cooler" in the office, I was surprised to discover that four of the agents who had written contracts this weekend were involved in negotiations involving multiple offers. What a surprise in this housing market with so much inventory available. This could just be a coincidence but I prefer to think of it as an encouraging sign of the real estate market picking up. These contracts involved activitiy in both Albemarle and Fluvanna counties in Virginia.

What are you seeing in your area of the country?

Pam Dent
Real Estate III
Charlottesville, VA
www.JumpintoGreenerPastures.com
www.Charlottesville.virginiablogpage.com

Posted by Pam Dent - REALTOR Charlottesville Virginia Homes and Horse Farms on 04/30/2008 09:43 PM

Comments (12)

albemarle, fluvanna, contracts, multiple offers, virginia, market, housing, real estate

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12 Comments on Multiple offers..coincidence or trend

APR

2008

Definitely happening here in San Diego... The market is turning!

I have seen and heard of many homes for sale receiving multiple offers. Usually it is a foreclosed home, or a short sale, however I feel this trend will continue once the surplus of bank owned/short sales leave the market.

Going back to the multiple offers, these homes are priced well below other comparable homes in the neighborhood. However, there are those few homes that are spectacular short sale/bank owned homes that are for sale on the cheap. Which sell well above what they were listed. It is because buyers know the value of the home is worth more than the list price, and there were multiple offers.

For example, there were a couple of homes I took a buyer to see that were lender owned. He did not make an offer on either. Yesterday I checked them out, both homes that were listed near $165,000. One sold for $220,000, and the other sold for $190,000.

I believe think this will continue with regular resale homes within a year.

There are many buyers out there waiting for homes priced right or a great deal those homes will always have a lot of interest and quite likely multiple offers.

We have seen multiple offers for new listings that are well priced for the location, neighborhood and overall condition. I just had a referral in Oakland that received two offers within the first 18 hours of being on the market.

This is crazy....what if they get multiple accepts on these multiple offers.

MAY

2008

Hi Kathy. Good to hear that it is happening in California. Is San Diego one of the areas that has been struggling?

Hi Ulises. You are absolutely right. The surprising part of my story is the fact that only one was a foreclosure. The other three were simply nice homes fairly priced but not a deal or spectacuar.

Hi Alan. Maybe sellers are finally "getting it" and we will see more homes coming on the market priced to sell. Then we will move some of this inventory and get things moving again.

Geoff - Two offers within 18 hours of going on the market! That is great.

Hi Larry. It is a case of multiple offers coming in on the houses, not buyers making multiple offers; so in this case that can't happen. The sellers will just accept one offer.

The sellers who follow our advice here in North Austin, price right, stage and OFTEN are found in multiple offer situations. Those who don't do these things are not selling and their homes set on the market for months!

Hi Steve. It is so important for sellers to hire a good realtor and then actually LISTEN to him regarding important issues like price.

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