With historically low interest rates, and real estate down to 2002 prices why on earth would there be multiple offers on a property?
Every Wednesday and Thursday I tour the inventory of new houses on the market in Marin County. Last week, the water cooler conversation among the realtors touring houses was how tight the market is in Marin County. I kept over hearing conversations about multiple offers (across all price points), pre-emptive offers and listing agents holding off offers until the house has had enough exposure.
What does this mean for buyers? Be prepared. Don't even bother looking at houses until you're pre-approved. Well priced homes are not staying on the market very long. And when you find a house you really like, don't dilly dally around. Write your best offer! And be ready for a counter offer if you're offer isn't the only one submitted.
What does this mean for sellers? NOW is a great time to sell. Inventory is low, interest rates are low and there is a larger pool of buyers looking to purchase in Marin County NOW.
What does the future hold? HA! I wish I had a crystal ball. The fed seems to want to hold interest rates low, which is good for the housing market overall. But if inventory continues to stay low, then the market will continue to be tight, requiring buyers to put there best offer in up front.