What's the Deal with Multiple Offers?

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Real Estate

According to the Federal Housing Finance Agency U.S. home prices increased from the second quarter of 2020 to the comparable quarter in 2021 by 17.4% Fallout stemming from the pandemic may have spooked some home buyers and multiple offers are still commonplace.

In real estate, having a good process is much like a GPS. It gives a recommended route, clear directions and assistance along the way. 

A seller who has received multiple offers on their home is in a great position. Sorting through all offers and determining the best overall can seem overwhelming though. This is where working with an experienced real estate advisor is key. Your real estate advisor can weed through offer paperwork, extract the important points, organize a comparison worksheet for discussion of the pros and cons then ultimately zero in on the best deal for the seller’s needs.

There are so many different pieces to every puzzle. Every transaction is unique and each buyer and seller have different priorities and needs. Cash is usually king but not in every situation. It is not the only consideration. Terms of a contract, close date, buyer qualifications and the buyer’s motivation are equally as important. A good offer is the sum of all parts of the contract!

On the other side of the transaction there are things that a buyer’s agent can do when they know they’re helping a buyer client make an offer on a house that has (or will have) multiple bids. An objective voice in what tends to be a very emotional situation assists buyer clients to stay within their means and remembering that homeownership is an investment. First off - a buyer must be completely prepared ahead of time, organized and put their best foot forward to make an offer and win the bid. Some buyers are in a position to throttle back on contingencies, such as a home inspection, appraisal or may be flexible in close date or possession to match the seller's needs.

Today more than ever, it’s becoming difficult to stand out in a crowded market when buying a home and steer a steady course as a seller. Whether you are buying or selling, get in touch with Barb today 412-260-6725 to find out how I can help you navigate buying or selling today.