Here’s my advice about winning against multiple offers in today’s market.
We’re seeing multiple-offer situations more often than not in today’s real estate market. Due to historically low inventory and interest rates, demand is sky-high. There are just about 3,300 homes for sale right now, when we historically have had between 7,000 and 10,000 this time of year.
The rate that homes are coming on the market hasn’t slowed - it’s up 5% from last year. However, buyer demand is up so much that it’s chewing through inventory while also driving prices up. A lot of buyers are missing out on homes they are making offers on. We never want to overpay for a property, but we don’t want to miss out on the home of your dreams.
Our advice is simple: Make the best offer you can whether you get the home or not. If you get the house, you won’t have buyer’s remorse, and if you don’t get the house, you won’t be kicking yourself in the tail because it was the best you could do. You’re much better off putting your best foot forward than putting a tentative one out first.
If you have any questions for me about multiple offers or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.