Multiple Offers Are Still Around

Just yesterday, a client of mine placed an offer on a condo and we were in a multiple offer situation. Yes, that's right. The 'we-thought-they-were-gone-and-never-coming-back' multiple offers are still there. Now, everything being laid out, the place had been on the market for quite a while and the sellers finally dropped their price $20,000. Thus making it exactly what my client was looking for at a great price. Obviously, we were not the only ones watching, waiting, and ready to go.

Here's the issues that we're seeing. With all of these options, buyers no longer have to 'settle' for much. There are so many options right now that they might as well just hang tight until what they want comes on the market, OR watch what they do like and wait for them to come to you.

Basically, buyers are sitting back and watching what is happening to the market. In this client's situation, we have been looking at condos since June(ish). We knew our price range, knew what area we wanted and didn't jump until the right one came about. And this particular place had been around even then, but it wasn't in the price range that we wanted. Low and behold, a little while later - they dropped their price to right where we needed it. And guess what - even with the multiple offers - my client got the place! And didn't have to go above the new asking price either.

Ah, the multiple offer. You're back. But I never had a chance to miss you.

Have fun... And Good Luck!
Aaron