Fab Real Estate Blog: Multiple Offers...They're Baaaaack!

Multiple Offers...They're Baaaaack!

Welcome back to the world of multiple offers.
Are you ready for them?

This month alone, I've been in six multiple offer situations - four on the buyer side, and two on the listing side.

Home in Ridgefield, Connecticut.  Priced at $1,000,000.  Two offers.
Major fixer property in Brookfield, Connecticut.  Priced just under $200,000.  Three offers and counting.
Condo in Brookfield, Connecticut.  Priced under $250,000.  Two offers.
Another condo in Brookfield, Connecticut.  Also priced under $250,000.  Two offers (that I'm aware of).
Yet another condo in Brookfield, Connecticut.  Priced right at $250,000.  Three offers.
Condo in Danbury, Connecticut.  Priced just over $250,000.  Two offers.

All this while other homes are languishing on the market.

What's the trick?  Price your home right!

OK, OK, there is more to it then that:
Price your home right.
Make your home easily accessible by other agents.
Price your home right.
Keep your home in show condition.
Price your home right.

Some of these homes were on the market for about 2 months before the offers came in.  But they came in all at the same time.  Buyers are out there.  They want to buy a home.  But, the home must be...you know it:  Priced right!  And easy to show.  And it must show well.

Of course, we cannot guarantee multiple offers on your home.  But with a little bit of teamwork between the seller and the listing agent, we can make your home stand out from the rest.

Buyers are out there.  Are they viewing your home?

 

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

 

 

Comment balloon 20 commentsDon Fabrizio-Garcia • April 24 2008 07:01PM

Comments

Don, I have had several multiple offer situations here in Central New Jersey over the last few months.  If only the public would believe us when we tell them!
Posted by Lisa Friedman, Central New Jersey Real Estate (Alliance Realtors) over 10 years ago
That is very good news indeed. I look forward to seeing some of those myself- can't wait!
Posted by Debra Gambill, Realtor, N.C. / S.C (Weichert Realtor's Southern Coast) over 10 years ago

Don,

Congratulations....that is exciting news....business is picking up here as well but not so many multiple offers

Posted by Julie Chapman, New Homes Sales Lakeland Florida (DR Horton ) over 10 years ago

Hi Lisa - That's part of the problem.  The public doesn't believe it.  That is, until they lose out on a multiple offer situation.

Debra - It's not happening with all homes.  But we are now seeing more of them. Only on homes that are priced right.  And, it may take 2 months before it happens.  It is a bit odd that after a few months on the market, suddenly there are multiple offers on the same day.

Julie - It's exciting news, except for the cases where my buyers lost out!  Is the market balancing out?  I'm not so sure about that.  But, homes priced for the current market are certainly selling.

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 10 years ago
Yes, its strange - I once had no offers, then 'poof' - six offers in one weekend.  The only difference was some fresh paint - just goes to show you how important condition is and how sometimes so little can mean so much.
Posted by Lisa Friedman, Central New Jersey Real Estate (Alliance Realtors) over 10 years ago
Congrats! I have seen an increase in the past few weeks. A few of my listings that hadn't been shown in awhile have had multiple showings this week!
Posted by Rob Muller, Cherokee County Real Estate (ReMax Town & Country) over 10 years ago

Lisa - yes, condition is right up there in importance with price.  It all matters.

Rob - hopefully those multiple showings will lead to multiple offers for your sellers!

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 10 years ago
Don, this is great news.  You know you hit the nail on the head.  The property 'HAS TO BE PRICED RIGHT'.  I've been saying this for almost 2 years now.  Fixer upper in Brookfield?  Hummm.  I grew up in this town.
Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) over 10 years ago
Hi Valerie - Yep - it has to be priced right!
Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 10 years ago

Dear Don, i miss your smile........price your home right.......all of our short sales have at least 3 offers, some have 5 or 6...........even though the process is slow we are starting to see the light......the end is near for most.........yeah........how the heck are you? sounds like your busy.........that keeps you out of trouble.........as hard as that may be..........don't you miss the bay area?  I know you miss me........

truly,     terry o

Posted by Terry Osburn, Broker Associate (BHHS|Drysdale Properties) over 10 years ago

Hey Terry - Of course I miss you!  And I'm glad to hear someone misses my smile!

Yes, we're not all doom and gloom these days.  Yes, we have a lot of short sales.  Yes, we have foreclosures.  Yes, we have homeowners in trouble.  But we also have buyers.  The buyers are slowly but surely starting to resurface.

Homes still aren't selling as quickly as they were in the past, but they are selling - if you price it right.

And, yes, I try to stay out of trouble...

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 10 years ago
Price your home right - BINGO!  Our market is so red hot and with 10 months of absorption we are seeing multiple multiple multiple offers.  I have had some agent friends get upwards to THIRTY, yes 30 offers on properties priced right!
Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 10 years ago
Property priced right? Chris Griffith was nearly lynched in Florida for saying that in her newspaper column.
Posted by Maureen McCabe, Columbus Ohio Real Estate (HER Realtors) over 10 years ago

Renee - Glad to hear the Vegas market is coming back.  I love it over there.

Maureen - It all has to do with price.  Buyers won't buy a home if it's overpriced.  Agents probably won't show a home if it's overpriced.  The problem is some sellers don't want to believe they have to price their home to sell in the current market - not based on what their neighbor sold their home for two years ago, not based on what new construction is selling for, and not based on what they "want" to get for their home.  None of those factors matter.

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 10 years ago

 

Don Chris wrote that sellers in a development needed to reduce their prices in her local paper and a developer took out an ad to address it...  ??? 

Posted by Maureen McCabe, Columbus Ohio Real Estate (HER Realtors) over 10 years ago
Maureen - the developer took out an ad to address it?  That's actually kind of funny.  Market value is market value.  Want to sell your home?  Price it at market value.
Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 10 years ago

 

I can't keep up with the story... Chris has made waves.

Posted by Maureen McCabe, Columbus Ohio Real Estate (HER Realtors) over 10 years ago
Maureen - a voice of reason in this real estate market is, I guess, enough to make waves amongst those that don't want to accept that prices have dropped.  It's not the end of the world - it's just what the current market is!
Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 10 years ago

Don, you're on the money ;-).  My team listed a home earlier this month here in Richmond - great condition, well-maintained.  Within a week we had 3 offers, one at above asking price.  Our clients were pleasantly surprised to have choose which offer, since terms are just as important as offer price, to take.  There are buyers out there - people still need to buy and sell real estate.  Agents just need to be honest with their clients and sellers need to price their homes correctly at the beginning of a listing.

Posted by Phil Victor, Richmond, Virginia Homes, Real Estate & Property Management (Top Tier Properties) about 10 years ago

Phil - There are definitely fewer buyers out there than there were a year ago, but they are still out there.  They're savvy buyers who will not overpay for a home.

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) about 10 years ago

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