We have received ten offers on our new listing, and have entered the highest-and-best round with responses due by 3pm today. A buyer asked me yesterday at what price could he end the bidding-war nonsense and just buy the house today. I told him that I couldn’t speak for the sellers, but with this much action, I think I have $1,900,000 in the bag (list price is $1,795,000), and $2,000,000 is within sight. So it would probably take $2,100,000 to squash all the other buyers.
Bidding Wars, 2023
by Jim the Realtor | Apr 3, 2023 | 2023, Bidding Wars, Frenzy, Why You Should List With Jim | 5 comments
Stylin’ shades there Jim. I’m betting that some other agent sees your final sales price and uses that as a comp and their property sits.
It’s funny to me that other realtors think that you’re doing something wild and crazy.
In essence you’re running an open auction where buyers can see what other buyers are willing to pay which is the same thing you see used for selling items as diverse as cattle and art. Businesses like EBay have built their entire business on the open auction format!
10 offers but only 1 can be accepted. This is what is missing from all the “doom and gloomers” who are trying to speak into existence “massive market correction incoming!!”
Those other 9 buyers that lost out are still out there actively shopping for a house. Landlords know this too. It is part of the reason why rents keep rising.
I’m betting that some other agent sees your final sales price and uses that as a comp and their property sits.
Yes. 12460 Sundance SD will be a good test.
Here we go – the agent asked me about my sales price, and I told him $1,980,000: