Multiple Offers – Back with Vigor?
In the last few months I’ve been hearing more remarks from agents about being in multiple offers with their buyers or having multiple buyers bidding on their listings. In no way is this a large portion of our current market, but I’ve heard more about them in the last few months than I did nearly all of last year.
What’s bringing about this change? I think that a few things are coming into play this year:
- Buyers are taking longer to make decisions, meaning that they may really, really, really like a house for days/weeks before they pull the trigger
- There are still some buyers out there that make their decisions relatively quickly
- Much of our housing inventory is stale, which means new listings are quickly looked at by many buyers
- Much of the inventory that was overpriced is being reduced to the correct prices and that’s bringing renewed interest in the properties
This isn’t the beginning of a new housing boom by any stretch of the imagination but it is a good sign of further firming of what has been a soft market.
