Multiple offers are unusual in the Sequim area. Of course, in some very hot markets, like Seattle and certain areas in southern California, multiple offers have not been uncommon this past year. But guess what? Multiple offers have become a reality in Sequim. Spending years planning your retirement move, months searching online, and then loosing your ideal home to another bidder can be very disappointing.
Multiple Offers in Sequim?
I represented several buyers making offers over the past three months who did experience multiple offers. What is especially interesting about these situations is that the offers were made on homes that had been on the market for a long time. You would think that a house that has been on the market for almost a year (and over two years in one case) would mean you had plenty of time to make an offer. After all, what are the chances that after no offers for a year a home would suddenly get multiple offers on the same day?
So what is the practical challenge with multiple offers? When you find the ideal home, the first question is how much should you offer? If you thought you had plenty of time to make an offer because competing offers are unlikely, you would make a lower offer and negotiate your best deal. But if you do that and there are multiple offers, the highest offer probably wins, or at least goes to the next level with a counteroffer.
Multiple Offers a Reality
So lately when my buyers find the ideal home, they are asking themselves if the listing price is fair market value, and if it is, should they make a full price offer immediately without delay? I included “without delay,” because in two cases, my buyers waited one day to make their offer, but someone else did not, and those houses got sold right out from under my buyers.
When it happens, it almost seems surreal, because you look at the odds of that happening, and you think you have plenty of time to make an offer and negotiate, but lately the challenge of multiple offers on nice homes has changed the rules.
I always advise my buyers to take whatever time they need to make wise decisions. Getting in a hurry and making a rash decision would be dangerous, but this does present a challenge for buyers today. It means you need to know what you want, and when you find it, be ready to make a decision, because multiple offers are a possibility.
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