The news around the country is that some real estate markets are getting hot and multiple offers are not unusual, and that some homes are being bid above the listing prices. What about Sequim homes? Are Sequim homes receiving multiple offers?
Multiple Offers and Competition
Sequim homes are not receiving multiple offers like some areas in the San Diego area or around other parts of the country, but here is where we are seeing buyers get beat out of their offer on a Sequim home or a Port Angeles home.
The ideal retirement home goes on the market, and by ideal I mean it is in a very nice location with some privacy, the home is a newer home in great condition, the floor plan is fantastic, and the price is really really good. There are not many homes like this in the entire Sequim and Port Angeles market, so when this kind of home shows up in the MLS, buyers who are watching the new listings on my online Sequim MLS site (listed in the last 14 days), are ready to make an offer.
Multiple Offers for the Perfect Home
I have had several buyers who decided to make an offer on a home only to find out that another buyer made an offer the same day or the prior day, and the other offer was slightly better, i.e. full price. Most of these cases involve buyers who took too long to make a decision, days or even weeks. What a disappointment for a couple who find the perfect retirement home and someone else buys it out from under them.!
The point I share with clients is that when you see an extraordinary home with a very reasonable listing price that is at or below fair market value, don’t fool around. Make a full price offer, and do it now. You can make a lower offer, of course, but you increase the chance that someone else will make a full price offer, which is happening a lot lately for these ideal homes. I would say six of my buyers have lost their homes because they did not do this. This is not an effort on my part to get clients to make full price offers on homes that are listed too high. You’ve got to know market values and have the experience to discern a good deal when it shows up. Then you’ve got to take appropriate action before it is too late. Do not procrastinate when you find the right home in the right area at the right price, because you might learn about multiple offers first hand.
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