How to Handle Multiple Offers in the Housing Market

Pent up demand, historically low interest rates, and an inventory shortfall early in the year has contributed to the emergence of multiple offer situations. Though listing inventory has strengthened in recent months and mortgage interest have risen about a percentage point, homes that are priced correctly and present well still receive lots of buyer attention and multiple offers often result. The market dynamics are very localized however, but the days of successful ‘low ball’ offers or ‘stealing’ properties is over. So how should you handle multiple offers in the housing market?

It is important to work with a local agent that can explain what is happening in the buyer's areas of interest regarding inventory and absorption rate and what the price trajectory appears to be. Agents should be able to help the buyer determine properties where there are likely to be multiple offers and formulate a plan that will develop into a successful closing without disappointment. Agents working with a reputable full service brokerage company have the data, the training, and the broker support to tackle this type of situation successfully.