Multiple Offers - They Still Exist in a Buyer’s Market
Categories: Chattanooga Real Estate News, First Time Buyers, For Home Buyers
By Kacey Sides, Realtor
Multiple offers? In a buyer’s Market? Yep, they still exist! With some foreclosure sales they are inevitable, because sme banks will wait for them, but when a Seller has a great home at a great price, multiple offers can happen more often than you think. Here in Chattanooga the great deals go quickly and, if you don’t move fast enough, you’re likely to end up competing with other offers!
And . . . it’s not always the new homes on the market. Multiple offers can also occur with a home that has been on the market for a 
while. Sometimes it can be that another buyer appreciated the same features in the home that you did, and decided it was the perfect home for them. Other times a price reduction on a home can bring buyers back to a home causing greater interest. So make sure your Realtor gives you all the facts they can when you are looking for a great place to live.
If you get into a multiple offer situation, it’s time to put all your cards on the table. Most Realtors will call for “highest and best” offers. This is your chance to make your offer shine and possibly your last chance to get in the game. It’s important to review the comps (i.e. comparable sales and listings) of the neighborhood with your Realtor to help you tweak your offer price. Keep in mind that offers can easily go over the list price - especially if the home is competitively. So keep in mind what you are asking for when you determine your purchase price. Closing costs and other concessions will lower your offer in the seller’s eyes, and they are going to be looking at the bottom line. Basically sellers are looking at what they will walk away from closing with, and how soon they will be able to get it. So price and closing date are usually the most important focus.
As a Buyer, this is definitely an ideal situation, but if this is the perfect home for you, competition is what it might take to get it. Make an offer that you can walk away from if you don’t get it, or an offer you can sleep with if you do! Knowing that multiple offer situations still exist - even in a buyer’s market is important. So if you find that perfect home, don’t hesitate! Write an offer now before there is competition . . . you’ll be glad you did!
Great info, and if you do your market studies with a Realtor familiar with that market, you will feel good about an offer you don’t get or sleep well if you do! I like that the way you stated that.
We’re also starting to see multiple offers in Denver. Our days on market are shrinking too. Perhaps this is the very beginning of the end of the slump.