Multiple Offers Are Common

two story home with large front yard and for sale sign Heard about multiple offers and thinking about selling your house right now, but you’re not sure if now is the time to do so? If so, consider this: there are plenty of buyers out there and they really want your house. Here’s why selling now is a win for you with the possibility of multiple offers.

Today’s buyers are still dealing with a limited number of homes for sale. Thanks to the continued low inventory, those buyers are competing with one another and in many cases submitting multiple offers for their dream home. And when that happens, if your house is one of the few on the market, it will rise to the top of the pool. According to data from the National Association of Realtors the average seller is receiving multiple offers for their home, sometimes 4 or more. That number is significant because it means you’ll likely have multiple offers to choose from as well if you sell your house this season.

Multiple Offers On A House

Any of the multiple offers you receive will likely be from highly motivated buyers who are doing everything they can to beat the competition. The stakes for buyers are high. They’ve been looking for a house and they want to lock in their dream home before prices and mortgage rates rise further later in the year. Chances are with these multiple offers, they will get creative with the terms of their offer, which could include waiving contingencies and offering over the asking price. Both of which are great news for you. If you’re on the fence about when to sell, remember your house is a hot commodity this season. As other sellers delay listing their homes until the time they think there’s a bigger audience, you can put your house in front of motivated buyers by making your move today. That means your house will be the center of attention, and likely the center of a bidding war with multiple offers coming in quickly.

Selling now gives you even more of an opportunity to win big as buyers have to compete with multiple offers for your house in today’s market. This opportunity is opening new doors as homeowners re-think their needs and use their equity to move up or downsize.

How To Handle The Multiple Offer Situation

person signing contract with set of keys with a home key chain nearby When dealing with multiple offers it is key to have an experienced real estate agent on your side. They will be able to help you walk through the multiple offers and break them down into the vital elements that you need to be concerned with in making your decision and finding which is the best for you.

There are several factors to be concerned with when you have multiple offers. Some of these are:

The offer price.
The due diligence money and period.
The earnest money offered.
Are there any contingencies?
Are they asking for closing costs or a home warranty?
The proposed closing date.
The lender and closing attorney.

When dealing with multiple offers, each of them will have all of these factors to consider and if you don’t have a good agent it can get really confusing, really fast. Sometimes the best offer is not always the one that comes in with the highest offer price.

Hiring a firm like us, The Old Mill Group, will ensure that you don’t get lost and buried under the multiple offers you’ll have coming in for your house. If you are ready to play the multiple offers game, give us a call and we can let you know what your house is likely to sell for in this hot market. You may be very surprised and delighted!