Multiple Offers.... What?!

By
Real Estate Agent with Shorewest Realtors, Inc.


My second blog…. Here goes nothing!

 

 

 

Here is an example of what is presently happening on my Lake Geneva area market…

 

 

 

There’s this property that’s been listed since November of 2009...We began with an asking price of $399,000, which was a little below market value with the most recent closing at $425,000. The property went on and off the market a few times over the years, while slowly chasing down the market, like many sellers do.

 

 

 

Numerous price adjustments later, and no offers; again in late 2011 the time had come to review the inventory and determine a list price for the upcoming season. It was the first time in a few years that felt like

 

 

 

Taking everything into consideration, a list price of $299,900 was placed on the listing. This is a 1250 square foot 2 bedroom condo just a couple of blocks to the beach.

 

 

 

No recent updating...But, it was turnkey furnished and had a nice nice pool area and a rewarding rental history.

 

 

 

Well, not one, two….but THREE offers came in on this property Multiple offers?!?! When was the last time you've heard of "multiple offers"?

 

 

 

Currently there are 78 condos on the market in Delavan priced at or below $279,900. Only 1 of them is listed as a short sale. In the past 12 months there have been 34 closed sales ranging from $30,000 to $300,000.

 

 

 

It seems as if the market truly is getting better. Have you experienced any multiple offer situations lately?


Have a great week!!

Comments (4)

Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Tyler, I'm in a marketplace where there's an inventory shortage so I've had multiple offers on 3 of my last 4 listings. 

Sep 17, 2012 06:09 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Tyler, I had multiple offers last week on one of my REO properties. I told the asset manager that I don't like then because someone always gets mad. Oh well, someone usually wins too.

Sep 17, 2012 07:26 AM
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Hey Tyler, every buyers offer that I've submitted for at least the last 6 months has went into a multiple offer situation.

Oct 13, 2012 09:16 AM
Gloria Commiso
Keller Williams - Hermosa Beach, CA
Hermosa Beach

Read my blog about multiple offers....thats all we have in my area , So cal beach cities, hermosa , manhattan and redondo beach

Oct 29, 2012 07:01 AM