How Often Are We Seeing Multiple Offer Scenarios These Days?


How Often Are We Seeing Multiple Offer Scenarios These Days?
By Scott Rogers • August 7, 2023
Pre-COVID, multiple offer scenarios were the exception not the rule -- we would see them from time to time, but not often. During most of 2020, all of 2021 and much of 2022, multiple offer scenarios were the norm. Nearly any property being listed for sale would have multiple offers within just a few days. Buyers were desperate to secure a contract on a house and were including escalation clauses, waiving contingencies, and more, just to try to be the winning buyer. Now, mid-way (a bit more) through 2023, we are still sometimes seeing multiple offer scenarios, but not on all listings, and perhaps not on most new listings. So... BUYERS - You may very well have fallen in love with a house that is going to have multiple offers, so prepare for that and be ready to act quickly - but ask about other interest (and offers) before automatically including an escalation clause and/or dropping contingencies. SELLERS - You may very well be listing a home that buyers will fall in love with and that will have multiple offers, but that also might not happen. You should be super realistic (instead of super optimistic) when it comes to the pricing of your home, and then wait to see what the market response is once your house is listed for sale. I'm sure we'll still see a significant number of multiple offer scenarios moving through the remainder of 2023, but I don't think we'll see it on most/all listings any longer. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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