Winning Strategies for Multiple Offer Situations

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Let's discuss multiple offers. If you're a seller with multiple offers on your home, you're in a great place. However, buyers should expect to compete with ten other people for a home.

Multiple offers have slowed down substantially in the Puget Sound area. Previously, if you were a buyer, you had a 95% chance of ending up in a multiple offer situation. Now, those odds have dropped to a 35% to 40% chance of being in a bidding war, depending on your area.

So, if you're a buyer, how do you win in a multiple offer situation? Pay attention to the sales price. Think like a seller. In today's market, sellers get their asking price or higher. In a multiple offer situation, homes can sell anywhere between 3% and 15% above the asking price.

Additionally, don't look for homes at your maximum sales price. For instance, if you qualify to buy a $600,000 home, look at homes for $550,000. That way you have a buffer if you do need to win a bidding war based on sales price. Know and understand your budget.

You can avoid being caught in multiple offers if you bid on a house that has been on the market for two weekends or more. That's when the hot period has passed, and you could get the home for the asking price or below.

There are more strategies for you to win in a multiple offer situation. We will cover those in upcoming videos. Stay tuned! If you have any questions, give us a call or send us an email. We would be happy to help you.