Each of the last three properties we have presented offers for have ended in a multiple bid situation. In fact, the last one had over 20 offers placed on the same property! Granted the properties are bank-owned properties and are at the lower end of the market. While they offer the right type of buyer a huge opportunity to get into a property that would otherwise not be within an attainable price range, they are also properties which will require a lot of hard work, patience and money.
Not only are we finding numerous other owner-occupants to be bidding on the properties, we are also bidding against seasoned investors who are anxious to snap up properties before the prices start going back up.
Anyone sitting on the fense wondering if we have reached the bottom of our market and wondering whether or not this is a good time to buy, should consider their particular market and price range carefully. The market is definitely more active and competitive in the entry to mid-level price range and still slower in the upper level ranges.
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