Despite serious economic warning signals, our local real estate market is maintaining a torrid pace for the fifth consecutive year. I know of two properties that recently received 34 and 32 offers, respectively. This past week, one of my listings engendered 16 bids; another attracted 15.
In multiple offer situations, most buyers recognize that the asking price is simply the starting point. As a higher than list price is generally given in competition, a seller must take other factors into consideration before ratifying a contract. Understanding what constitutes a strong offer is important to buyers, before writing, and sellers, before accepting, a purchase contract.Read More