Recently, an attractive new property came on the market at $199,000. It looked like something my buyer may really like. So, I sent the information to him the day the property hit the market. I asked if he would like to see it and he said he would like to take a look the next day at 2:00. My concern was that it may no longer be available the next day.
When I called the listing office for showing instructions they told me that they had one offer to purchase on the home and the promise of another one coming in. Wow, that’s fast! This was the first day on the market!
We viewed the well cared for home the next day and my buyer really liked it. It had most of the amenities he was looking for in a house. He said he’d like to take some time to think it over. As we were talking, a call came in from the listing agent indicating he had received a second offer on this property.
My buyer opted out. He said he didn’t want to get into a bidding war. He didn’t want to be rushed into what he felt might be a hasty decision. I understood.
With low inventory levels, we are continuing to see prices heading upwards. And, as uncomfortable as they may seem, often we are in multiple offer situations. Unfortunately, a buyer must be able to make a quick decision on a house when he sees the one that he likes. In this market, we don’t always have the luxury of waiting an extra day.
Multiple offers due to Low Inventory Levels