Last month I wrote a blog post about multiple offers (read it here). Among other things, I noted that having “multiple offers" on a property doesn't always necessitate a "bidding war".
Of the properties I've sold with multiple-offers so far this year, one actually sold for under the list price and another sold for only $100.00 over. (I represented the buyer in both cases).
Both properties sold for close to what other recent sales went for, and neither of these situations came anywhere close to being a "bidding war".
Why?
For starters, both of these properties were condos. It’s true that the condo market has cooled a bit and the buying activity isn’t as frenzied as it was a year ago. (Houses are a different story...).
Secondly, both properties were priced fairly to begin with (as opposed to being intentionally "under priced") and the sellers were allowing for offers at any time (as opposed to scheduling a specific "offer night").
In other words, neither listing was attempting to orchestrate a bidding war scenario and the fact that they happened to receive multiple offers was a matter of lucky timing more than anything else.
Even when there is a scheduled offer night and a property receives multiple offers, the prospective buyers don't always end up in a bidding war.
As long as cool heads prevail and everyone comes to the table with their top number in mind (and the good sense to NOT exceed that top number), then a bonafide bidding war isn't going to happen.
Throw emotion (and deep pockets) into the mix though...
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.