Aug 15, 2014

How Home Sellers are responding to Multiple Offers

In today's seller's market, multiple offers are becoming par for the course. In the past, a home seller may receive an offer or two over several weeks time.

But in 2014, we're seeing multiple offers within days (or hours) of each other.

If you're trying to buy a home and find that the property is is receiving more than one offer, you need to know how to handle the situation. There are several strategies that a good, experienced agent can guide a buyer through to help ensure they present the most appealing offer without compromising on too many important details.

The California Association of Realtors found that average number of offers received on a property rose from 3.1 in 2012 to 5.9 in 2013. Most of the properties that sold received multiple offers.

They surveyed 2013 home sellers to find the following results (more than 1 reason could be given for selecting the winning offer).

  • 77% took the highest offer
  • 47% took the best mortgage qualified buyer
  • 39% took the offer without contingencies
  • 23% took the all-cash offer
  • 14% took the offer because of the buyer's ability to close the fastest.

These are important to note if you really love the property and want to become the offer that the sellers accept. [where: 75230]

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