Multiple Offers - Sure Feels Like a Seller's Market!

By
Real Estate Agent with Realty Team / JMA Properties LLC

Yeah, yeah, I know we're in a buyer's market, but lately I have been experiencing MULTIPLE offers on multiple homes! 

This is not a joke. 

Here are my recent experiences:

$119,000 - 1700 square foot condo, 12 offers - 6 of them ALL CASH.

$115,000 - detached re-sale home, 3 offers.

$425,000 - detached super fancy new home (cost $760,000 to build) with high-end everything, bank-owned, 7 offers.

$425,000 - newer home in upper class neighborhood, short sale, 3 offers.

$650,000 - newer view home, super high end, (cost over $980,000 to build), short sale, 3 offers.

I know I'm not the only one experiencing this!

 

 

Comments (8)

Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

nope we have it going on over here too... I had 20 offers on one home..

May 12, 2009 01:19 PM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Evening Marjie,  Some of our areas have also experienced multiple offers.  Hope the momentum builds for us all.

May 12, 2009 01:21 PM
Marjie Van Der Laan
Realty Team / JMA Properties LLC - Washougal, WA
Realtor - Clark County WA

Yes, these were just examples I thought of quickly.  Really it is more than I can count

May 12, 2009 01:23 PM
Karen Singbeil
RE/MAX at Mara Lake | Associate Broker | Personal Real Estate Corporation - Sicamous, BC
Sicamous & Mara Lake Luxury Homes & Condo Expert!

We are seeing more activity but over all nothing like you describe! Wow...

May 12, 2009 01:31 PM
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

We have good activity with First Time Home Buyers but the rest of the market is still slow.

May 12, 2009 01:44 PM
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Bank owned and short sales are being snatched up in our market.  Also first time buyer properties are a hot item.  If it weren't for the depressed prices it would be a seller's market. 

May 12, 2009 02:04 PM
Marjie Van Der Laan
Realty Team / JMA Properties LLC - Washougal, WA
Realtor - Clark County WA

To Kathy - I'm seeing this with bank-owned homes, some, but certainly not all, are priced below market comparables to generate quick offers.  This probably has to do with banks wanting to get these non-performing assets off their books. 

I really like how some banks are getting their properties in show-ready condition i.e. new carpet, paint and "taking out the trash!" 

I was at an undermarket bank-owned home today for $99K (the land alone is worth $200K) and the listing agent, Peggy Spjut, told me that the seller already had literally 80 yards of debris taken away!  That'll help sell it!

May 12, 2009 02:05 PM
Marjie Van Der Laan
Realty Team / JMA Properties LLC - Washougal, WA
Realtor - Clark County WA

Brian, I love what you have to say... "If it weren't for the depressed prices it would be a seller's market."

May 12, 2009 02:07 PM