- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (17)
- Ryan Halset, "RyanHalset"
- Contributions:730
I agree - I've turned in 3 offers over the past 10 days that have been multiple offer situations. One of my offers was all-cash, and we didn't get it because of another all-cash offer that didn't have an inspection contingency! I've been noticing this over the past several months now...it is certainly starting to feel like the winds are changing in this area.
Ryan Halset | Realtor
Boardwalk Real Estate | Seattle, Wa
Ryan Halset | Realtor
Boardwalk Real Estate | Seattle, Wa
- Julia Marcyes, "JuliaSellsHomes"
- Contributions:269
I'm not a Seattle area agent, but I read that Seattle is one of the top 12 cities in the nation for real estate economic recovery over the last year.
- Pasadenan
- Contributions:21466
Certainly, under-pricing listings in a downward market has been a typical strategy for years. There is nothing new there. And the strategy has been used by many agents for the past 3 years, clearly indicating the market values are still falling, which of course is "good news", as the bubble has to correct sometime.
- Michael Emery, "MikeEmery"
- Contributions:7298
Gotta love anecdotal stories that morph into a 'trend'.
- Irene Dorang, "TeamIrene"
- Contributions:20
No one is saying that the homes selling for multiple offers are selling at the same prices they would have sold for five years ago. David Martin, like so many others (including a lot of real estate agents), bought at what turned out to be the peak of the market.
That being said, those of us who have been in the Seattle market for a long time, as in well pre-recession, know the signs of a market that's heating up. Multiple offers are one of those signs. That doesn't mean it's a trend, or the bottom of the market, or that prices are skyrocketing; unless those homes were ridiculously underpriced for any market, it means that there's strong buyer motivation out there, and if the market is consistently the scene of multiple offers that will put upward pressure on prices, at least for a while.
Underpricing homes in order to get more than one offer was a widely-used tactic in the years leading up to 2006, when home values were rising. I don't see a precedent for it being an indicator of a falling market.
That being said, those of us who have been in the Seattle market for a long time, as in well pre-recession, know the signs of a market that's heating up. Multiple offers are one of those signs. That doesn't mean it's a trend, or the bottom of the market, or that prices are skyrocketing; unless those homes were ridiculously underpriced for any market, it means that there's strong buyer motivation out there, and if the market is consistently the scene of multiple offers that will put upward pressure on prices, at least for a while.
Underpricing homes in order to get more than one offer was a widely-used tactic in the years leading up to 2006, when home values were rising. I don't see a precedent for it being an indicator of a falling market.
- Jeanne Feenick, "TopNJAgent"
- Contributions:149
Seeing it here in NJ as well, among our hottest towns. In a competitive situation, an offer with a home sale contingency will likely not carry the day, even at a premium. The two C's - certainty and cash - are king.
- Wes Black
- Contributions:509
That is very encouraging. Hope we see that in Louisville, Ky.
- Terri Ames, "Terri Ames"
- Contributions:101
We are experiencing the same thing in Lackawanna County, PA (Scranton/Wilkes-Barre) It's happening on a homes listed at different price points. Hoping this is good news for the upcoming year!
- James (Drew) Andrews, "James Andrews"
- Contributions:6
I too have started the year off being involved in multiple offers. There're some great buys on the market, and it seems as soon as one becomes available many potential buyers swoop in and the frenzy starts, driving up the value of the property, which in most cases is already listed well below its value. I've even seen the remarks section of MLS listings state that the property is in a multiple offer situation as soon as it's listed. And, in some cases only stay on the market a couple days before it's gone. Overall I'd say this is a good thing and will be part of the fuel that reignites the real estate market. Granted, those with cash, and or great credit are already reaping rewards and doing their part to help improve the real estate market. The term "Cash is King" is proving to be true again.
- SteadyState
- Contributions:787
Multiple offers are like unicorns - all agents talk about them but no one has seen one.
It's difficult to take agents word for "increased sales activity" since only last month the NAR revised home sales lower going back to 2007!
I suspect this is little more wishful thinking ...
It's difficult to take agents word for "increased sales activity" since only last month the NAR revised home sales lower going back to 2007!
I suspect this is little more wishful thinking ...
- EllieFlower
- Contributions:14
Wow, I really hope this is true. Maybe 2012 will be a good year for all of us! Things are still pretty tough in my neighborhood (near Los Angeles), but I am hopeful.
- HomeSand.net, "White Picture"
- Contributions:4396
There was mulitple offers in CA in last 3 years, but the home prices are still dropping in California, it is not dropped as much as 2008-2009 but it is still dropping.
- Katherine Cannon, "highheeledhomeowner"
- Contributions:107
I've seen a lot of multiple offer situations, especially for bank owned homes in the lower price range. It's encouraging to see that there is movement in the upper end!
- Jay Agoado, "jaysellshm"
- Contributions:218
I've been in multiple offer situations all year! Doesn't it seem like 2006 again??? I've seen it in all price ranges. If the home is priced right, shows well, is in a good location, and there is a shortage of inventory in that price range, it is a strong candidate for multiple offers.
I'm also seeing preinspections again. Agents need to be searching the MLS frequently and buyers need to be prepared to jump!
I'm also seeing preinspections again. Agents need to be searching the MLS frequently and buyers need to be prepared to jump!
- SteadyState
- Contributions:787
Every year agents say (to drum up business) - "it's the best time to buy or we are getting multiple offers (of course the offers being below list price) - buy before it's too late"
2007 - didn't turn out to be true
2008 - ditto
2009 - ditto
2010 - ditto
2011 - ditto
2012 - ???
If you guys keeping doing it every year at some point in the future it will turn out to be true - then you can tell your customers that you picked the bottom of the market and told their clients exactly when to buy!
Only those buyers with insufficient down payments and with limited ability to make monthly payments will buy a home in a low interest environment.
2007 - didn't turn out to be true
2008 - ditto
2009 - ditto
2010 - ditto
2011 - ditto
2012 - ???
If you guys keeping doing it every year at some point in the future it will turn out to be true - then you can tell your customers that you picked the bottom of the market and told their clients exactly when to buy!
Only those buyers with insufficient down payments and with limited ability to make monthly payments will buy a home in a low interest environment.
Mulitple offers: hot start of 2012 housing market
-
- 4.9/5.0
- (6 reviews)
Contributions:114I think we will see more of this as the year rolls out, there is less inventory and our interest rates are the lowest ever in last 50 years. I expect prices to start their upward march as the year rolls out. If you have need of expert advise on selling or buying, please get in touch with me.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.