There’s no phrase I hate hearing more from a listing agent than “we have received multiple offers.”
In a normal market, they are still pretty common, but not like right now. With inventory way down, it seems as though every house is going to multiple offers. This means a lot of buyers are having to go way over listing price, that’s not fun. It’s like the toilet paper shortage when COVID-19 first hit, you can’t go back to leaves, so, you have no choice but to pay more than this wiping one-ply paper is really worth.
I recently had two clients offer on separate homes, both on the same day; both went to multiple offers. It’s frustrating as an agent. My dad is bald, I have luscious locks, I may end up looking like him when it’s all said and done. But who cares about me, it’s the buyer’s this is crushing for. Seller’s are having a great time right now, they are at the Golden Corral loading up on steak wrapped in bacon and dipping it in the chocolate fountain because gluttony is fun. Just think like a buyer, you are about to make one of the biggest purchases of your life (the
biggest purchase is breaking down and buying a Roomba), and you are constantly at war. But much like Call of Duty, when you get sniped from the campers or blasted by the losers with shotguns, you respawn and get a second, third, fourth chance at getting back out there. All of that to say this, if you’re a buyer right now, it truly sucks, but don’t get discouraged. I’ve worked with people who have lost out on 5 or 6 homes to multiple offers in a span of 2 weeks, but they eventually found one they can call home.
So hang in there. Keep making offers you’re comfortable with. If you’re not comfortable going 10k over listing don’t let your realtor talk you into something you’re not comfortable with. Us realtors, for the most part, do know what we’re talking about and it may take 10k over to get that house, but at the end of the day that’s your decision. Keep being aggressive, don’t go outside your means, and eventually, in my opinion, and experience you will nab that home you need. Listen to your agent, take all their info and opinions, and then make the offer that’s best for you. It may take a while, but it will make that journey much sweeter once you find yourself in your home and out of that rental or momma’s basement.
Full disclosure, my philosophy as a realtor in these situations is if you want it, then go get it and be aggressive, but, always always always do your research. Only overpay if you feel the home will be worth it in the long run. Don’t overpay for the sake of winning.