Today’s market may not have the mayhem of multiple offers it did last year, but it does seem to be pumping along. We’ve been involved in 7 multiple offer situations since the new year. So the multiple offers aren’t dead and gone, in fact they seem to have made a comeback since last September and October.
There’s definitely a difference between multiple offers now and multiple offers at the peak of the market. Firstly, they no longer automatically come over list price or without conditions. In our case some have come just over list price, some under or right at list price. Surprisingly enough, two this week were unconditional offers. Second, the timing has changed… at the peak you’d have multiple offers on a good listing within days of hitting the market, now you never know when the situation might arise -it could be only a few days into the listing or a few weeks.
The first question that comes to mind is why, with all the inventory would anyone go into competition? One reason might be the price – in particular those properties priced extremely well. It may also be the exact property that buyer is looking for, in the area or building that they really want to be in. In any case there’s no question that multiple offers aren’t dead and gone.
