I am fortunate and grateful to have a group of home buyers willing to make offers during the off-season. To give you a feel of what to expect ahead, here are the results of offers made since December 18th:
Purchase-offers submitted: 11
Bidding wars: 9
Bidding wars won: 3
My buyers tend to prefer the premium properties, so no surprise that other buyers would also be interested. But to have multiple offers on 9 out of 11 properties during a historically quieter time in the market probably means that the selling season will be raucous and highly competitive – and it starts Monday!
I usually have a better win ratio with bidding wars, but we strive to get the right discount for fixers. Today’s frustrated buyers make hasty offers without properly assessing the cost of repairs needed, and once the bidding war breaks out, they end up paying too much just to win a house.
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