Multiple offers in a seller ’ s market
As the inventory of homes on the market continues to decline , more and more homes are receiving multiple offers . Multiple offers can be difficult and confusing for both buyers and sellers . It is really important to have a competent trusted REALTOR ® in multiple offer situations .
Good values , low inventory , buyer incentives and signs of an improving economy are contributing to the multiple offer situations . In today ’ s market buyers are dealing with a stronger seller ’ s market for those homes priced on the lower end of the inventory . Here are a few tips from realtor and author Elizabeth Weintraub .
Show the Sellers You Are Qualified . A pre-qualified loan letter is essential but a loan pre-approval is a much stronger statement .
Give the Sellers Time to Move . Be as flexible as possible with the seller move out date .
Shorten or Waive Some Contingencies . Shorten the time frame for the home inspection . If the loan is solid , shorten the loan approval contingency . If the sale price is close to comparable sales , shorten this contingency as well . The idea is to make the offer convenient and irresistible to the seller .
SOLD
Submit a Large Earnest Money Deposit . This is part of the down payment and lets the seller know this is a serious offer and not just a fishing expedition for a deal .
Write Your Best Offer . Start with the best offer and don ’ t depend on negotiations for the final deal .
Multiple offers in any situation can be complicated . Work with a REALTOR ® you trust and respect , and be ready for some emotional ups and downs . You might loose one house but there are still plenty of great homes and deals out there .
SOURCES : Elizabeth Weintraub ,
About . com Multiple Offers - Competing Home Offers .
Competing With Other Home Buyers in Multiple Offer Situations Tara-Nicholle Nelson , “ Mood of the Market ” Philadelphia Weekly Marcie Geffner , Win Some , Lose Some ( California Association of Realtors )
Julie Schmit , USA TODAY More homes get multiple offers ; downturn may be nearing end ( 5 / 9 / 09 )
Quick Stats
By Marta Dinsmore , Realtor Intero Real Estate Services wwwMartaDinsmore . com 408.840.7420
Single Family Residential in Gilroy
SALES 1 ST QUARTER ( Feb 1 to May 1,2009 ) vs 2nd QUARTER ( May 1 to Aug 18 , 2009 ) Change
Total Listings |
168 |
126 |
-33% |
Short Sale |
54 |
30 |
-80% |
Bank Owned |
28 |
23 |
-22% |
Average List Price |
$ 854K |
$ 974K |
12 % |
Median List Price |
$ 618K |
$ 789K |
22 % |
Average days on market |
163 |
163 |
0 % |
Sales |
89 |
227 |
155 % |
Short Sale |
3 |
53 |
1667 % |
Bank Owned |
65 |
124 |
91 % |
Average Sale Price |
$ 425K |
$ 405K |
-5% |
Median Sales Price |
$ 360K |
$ 375K |
4 % |
Average Days on Market |
124 |
112 |
-11% |
FALL 2009 GILROY TODAY 9