Surprise! Only one offer!
In our crazy seller's market, it was practically a given that listings will receive multiple offers. Of course, it depends on the pricing strategy. Overprice, and the listing may be bypassed, or offers will be at less than list price. Underprice, and one may expect multiple offers.
I found a listing in Montclair (Oakland CA) that showed well, was staged, and even priced a tad lower than what I thought it should be.
An offer date ----a date to submit offers to buy the property --- was set by the listing agent and seller, at the explicit direction of the seller who may refuse to look at any offers until that time. This is quite common in our area where we have a seller's market.
When it was a buyer's market, we didn't see offer dates.
And on offer date, I received an email from the listing agent asking if I was going to write an offer. A day later, I received a call. Although there was no evident panic in her voice, there was a slight tinge of anxiety. I asked her why she was following up. Didn't she receive an offer? She said “Yes, but...”
Turns out she received only one offer, and it wasn't what they expected (i.e., not over list price).
Surprised? Yes, she was. And so was her seller who expected a deluge of offers.
Sellers expect more, higher….
From our office, some agents wrote offers right at list price. But sellers turned down their offers. Sellers' expected multiple offers at over list price, and would not entertain any offers otherwise. Which begs the question: why not list the property at the price you expect/want?
Is it coming to this? Sellers are so excited about multiple offers and rising prices that they expect no less?
What happens if they don’t get what they want? I see price reduction in the future…..
Agents/Buyers don't want to write offers when....
On the other hand, listing agents are reporting that buyers' agents are backing off from writing offers once they hear that multiple disclosure packages have been distributed, or when they hear there are multiple offers. Heck, that shouldn't stop them from writing offers. Who knows? Theirs might be the best and highest.
But to NOT write an offer because they don’t think they have a chance?