Multiple Offer Madness

The Lyceum in Hartford's Frog Hollow neighborhoodI’m not exactly sure what is going on this spring, but my buyer clients seem to be multiple-offer magnets. And the properties we’re looking at aren’t necessarily hot, new listings. Some of the homes have been on the market for quite some time.

One of the trends that I’m noticing with multiple offer situations in a “buyers market” is the fact that the properties aren’t necessarily going at or over asking price, even though there are multiple people interested at the same time. Caution still seems to be outweighing the “gotta have it” mentality that ruled a few years ago. If you’re a strong buyer (good down payment, reasonable closing time, and don’t need to sell), you may find yourself winning a multiple offer situation without a full price offer.

Just a sign of how things have changed over the past year or so…