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#413413 - 09/26/12 09:31 AM Multiple Offers are Killing Me! You Too?
Home Seller Guru Offline
Member

Registered: 10/02/09
Posts: 279
Loc: Salt Lake City, UT
Wow the market is pretty tight on inventory these days and most buyers are having to put in multiple offers before securing a property. I usually have my buyers Under Contract within 2 weeks and this is killing my production to have to do so many offers which of course comes with showing appointments.

Are you guys seeing the same thing in other parts of the country? I'm hoping that all the news reports of values going up etc will start getting buyers to be real on their offers on the really good properties.

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#413590 - 09/28/12 01:37 PM Re: Multiple Offers are Killing Me! You Too? [Re: Home Seller Guru]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
The market that I am in still has a lot of inventory, but I have been involved in some multiple offers. My issue hasn't been Buyers not being realistic as much as it has been buyers not willing to spend. Buyers have always wanted more for less, I thinks its just human nature, but this is different. Rents in my area are pretty much in line with mortgage payments. Buyers seem to see the value of purchasing, but now they also see the risks involved. They are unwilling to put their hard earned savings into a home where it could be lost.

As a group buyers are still shell shocked, some will bid what they need to, but most seem to still be afraid. In my marketplace as a buyer I wouldn't play the multiple offer game either. I would in other markets where things have improved. Hopefully we are seeing the bounce at the bottom of our cycle and we can get back to steady growth soon. Our buyers will get through the PTSD that they seem to be dealing with, it will take time. It took 16 years after the crash of 1929, and this one wasn't that bad, so it should go faster.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#414060 - 10/08/12 05:56 PM Re: Multiple Offers are Killing Me! You Too? [Re: Home Seller Guru]
sacbroker Offline
Member

Registered: 10/31/07
Posts: 330
Loc: Sacramento
NO inventory here to speak of in Sacramento. We seeing 10-20 offers in 72 hours on properties that are priced right and in good shape. All the way up to $700k.

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#414069 - 10/08/12 08:10 PM Re: Multiple Offers are Killing Me! You Too? [Re: sacbroker]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
We still have inventory and I'm seeing my own DOMs going up - it's a slow time of year here also - unfortunately.

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#414886 - 10/25/12 01:48 PM Re: Multiple Offers are Killing Me! You Too? [Re: Home Seller Guru]
slcagent Offline
Member

Registered: 05/10/12
Posts: 37
Loc: Salt Lake City, UT
Here in Salt Lake the market is hotting up. Our CDOM for single family homes dropped to 28 days and inventory levels are low. Multiple offer situations are happening more and more often, especially in the lower end of the market. We are also seeing investors moving into the market again, which makes things even more competitive. Even with all this some buyers still think its a buyers market and it can take a few offers being rejected before they change their mind.
_________________________
Salt Lake Condos for Sale

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#442166 - 01/08/15 09:56 AM Re: Multiple Offers are Killing Me! You Too? [Re: Home Seller Guru]
Ricardo S Offline
Member

Registered: 06/05/06
Posts: 32
Loc: Southern Ca.
I find that specific questions, which most here are specific, often can be best answered by agents in the same market as the original poster. I consider your question specific, I am not in your market area.

Saying that, my market area (Southern California) was in a similar situation to yours a couple of years ago, at least in my specific region I work within So Cal. I'd write a ton of offers for one buyer. Only option was to find better qualified buyers (huge down payments, cash buyers, etc.), or to focus on listings.

Now, in my region, homes do not get many offers in some cases. This means that in some cases, one buyers offer may be the only offer a home gets. I just sold a very nice home in the very low $300's, and we only received one serious offer. This now makes me a lot more confident to work with more buyers in my area, because I know there may be less competition.

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#442173 - 01/08/15 01:06 PM Re: Multiple Offers are Killing Me! You Too? [Re: Home Seller Guru]
JohnN Offline
Member

Registered: 11/21/13
Posts: 228
Loc: Minnesota
In Minneapolis the lower end REO properties are getting multiple offers. I recently worked with a well qualified buyer who was looking for a fixer upper. We found ourselves competing with all cash offers were this guy needed financing.
I think it was somewhere around the 7th offer we finally got one accepted. Perseverance paid off.

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#442603 - 01/23/15 05:26 AM Re: Multiple Offers are Killing Me! You Too? [Re: JohnN]
75Corvette Offline
Veteran Member

Registered: 09/16/05
Posts: 1209
Loc: Ohio
Originally Posted By: JohnN
In Minneapolis the lower end REO properties are getting multiple offers. I recently worked with a well qualified buyer who was looking for a fixer upper. We found ourselves competing with all cash offers were this guy needed financing.
I think it was somewhere around the 7th offer we finally got one accepted. Perseverance paid off.

Glad you got someone to be patient enough to persevere! Good job! rockon

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#442615 - 01/23/15 09:08 AM Re: Multiple Offers are Killing Me! You Too? [Re: 75Corvette]
JohnN Offline
Member

Registered: 11/21/13
Posts: 228
Loc: Minnesota
Originally Posted By: 75Corvette
Originally Posted By: JohnN
In Minneapolis the lower end REO properties are getting multiple offers. I recently worked with a well qualified buyer who was looking for a fixer upper. We found ourselves competing with all cash offers were this guy needed financing.
I think it was somewhere around the 7th offer we finally got one accepted. Perseverance paid off.

Glad you got someone to be patient enough to persevere! Good job! rockon

Thanks 75. He got discouraged a few times but he hung in there.

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