Yesterday, I submitted an offer for a client on a house that received 23 offers. Yea. You read that correctly. 23. In my opinion, the property was grossly under priced which led to the frenzy. One of my clients bought a house on the same street, 2 blocks away in March and paid 212K more. It's basically the same house except the property my clients purchased had a finished attic and central AC. See what I mean about grossly under priced? Regardless, if the point was to generate a frenzy, it worked. I thought it'd go for 75K over list but now I'm estimating 100K or more over list. Can you believe those numbers?
Multiple offers are the new norm. Every single offer I've written this year has had competition. So sellers. What are you waiting for? A more perfect time? I can't see how it could be anymore perfect than it is right. now.
However there are still parameters. Don't go bonkers. If you do list your property, it needs to look good and be priced appropriately. Some sellers are pricing things outrageously. That doesn't work even in this crazy (good) market.
As 2013 winds down, I'm curious to see how the market develops next year. Will the buying craze continue? Will under water sellers finally be able to get out and perhaps break even? Will inventory finally increase?
