Most snowbirds fresh from up north think us Realtors are making it up when we say we have multiple offers on a home. How could several people be bidding on the same house at the same time? And in this market? The truth is more and more deals are ending up this way. Let’s get real – its sunshine and sand people are buying, not farmland in the Midwest. (I grew up in the Midwest on a farm! I love you all.) In reality, our pricing is so depressed that properties are being outbid, overbid, and receiving multiple bids. Frankly, its nuts! Buyers have realized the value in beautiful SW Florida and they won’t stop until they own a slice of paradise.
I was personally involved in two multiple offer situations recently. I made an offer on a house and then I got the dreaded call from the other Realtor. “We are now in a multiple offer situation. Please submit your highest and best offer.” Immediately I thought, should I go higher or keep the same bid? Emotions can overtake you if you’re not careful. My head was spinning, I have to admit. Bid too low and I lose it, bid too high and I’m a sucker. I offered well over the asking price. I thought surely that I’d get it and it’d still be a great deal since it was priced so low. Well, I didn’t get the house and I have no idea what the winning bid was. The only thing good about this story is I got a taste of the frustration, anxiety, and mind games that every buyer has to go through in these situations. I know I’ll be able to better serve all my clients from this experience, and I’ll scratch it up as it just wasn’t meant to be.
Also, I received two offers on one of my listings last week- on the same day! I went back to both agents and told them we were giving them 24 hours to submit their best possible offer for the seller to consider. This worked well for all parties. I was able to get the winning offer up almost 13% overnight. The buyer still purchased the home at a very good price and the seller was thrilled. Everybody wins!
The best advice I can give you is to offer the highest amount you’re willing to pay; knowing you’ll be excited owning the home at that price, but if you lose it to a higher bidder, be comfortable with that too. It’s all you can do. GOOD LUCK!!