2023 Spring Market – Multiple Offers Still Being Received

• Multiple Offers Still Being Seen in the Spring Market

With the Spring 2023 market in full swing, some local micro markets are consistently seeing multiple offer scenarios. I recently represented buyers in one such market with historically tight inventory and am happy to report that my clients’ offer was accepted!

Many of today’s active buyers have re-entered the market after the white hot 2022 market. Therefore, multiple offer scenarios have returned in certain markets and many of these sought-after properties have almost immediately called for highest and best offers with no escalation clauses and in some cases, buyers have employed appraisal gap addendums. Additionally, a good number of these properties have been sold while still listed in the Private Listing Network. When faced with an ultra competitive buyers’ market it is crucial to keep a close pulse on the market.

Here are some tips and strategies for a competitive real estate market situations:

• Start the process early and become deeply knowledgeable about your target market.
• It is crucial to connect with a lender that will assess your financials so you know what you can realistically afford.
• Work with a local real estate agent that  is on top of the market. Your agent will educate and prepare you for what you may encounter in a hyper-competitive market.
• Have patience. Finding a home in a sought-after market may not happen quickly. You will know when you find ‘your’ home.
• Be prepared to write a competitive offer. This is not the type of market to ‘test the waters’. Keep in mind that some sellers will ask for ‘Highest and Best’. Also be prepared for sellers to not accept escalation clauses or buyer letters to the sellers with multiple offer situations.
• Be aware that a buyer may be faced with getting only one ‘bite of the apple’ and it is imperative to put your best foot forward in such a scenario as you only get one chance.
• Sellers are looking for clean contracts with terms that are favorable to what a seller is looking for. Terms can include a quick closing or even a post-closing possession are not unusual to see.  Terms – such as down payment amount, taking the property in ‘as-is’ condition, and closing timeframes are sometimes more important than the price to a seller.

Bottom line: with the support and guidance of your trusted realtor, you will be confident in your decisions and feel comfortable with moving quickly in putting a successful offer together in a multiple offer situation.

Please reach out if I can assist you with your real estate needs. It would be my pleasure!