As we go into the summer, inventory continues to grow, yet demand outweighs supply, multiple offers are still the norm.
Interest rates just came down a bit, which was a pleasant surprise for buyers going into contracts. Yet for many buyers in the median price range, it has been a continuous frustration of being out bid. As each property went into contract, it drives the price up for upcoming properties.
When a property goes on market, usually it’s a good idea to give it 7 to 10 days of exposure before accepting offers. Now the pace is even faster. Properties hit market, showing starts, and within a day or two, agents want to make early offers before weekend open houses. Often times, before broker tour, the properties were already in contract.
With early offers, there are usually not as many offers for the sellers, compared to waiting for a few days after open house to accept offers. At the same time, the most motivated buyers are the driving force behind the early offers. Sometime it doesn’t matter if there are 2 or 10 offers, the offers can be 10% to 20% over the asking price
Until the supply comes up, the multiple offer and attempt for early offers will continue to be the norm.
The following are stats for the last 13 months: