The real estate market is heating up with low inventory numbers across the board and more buyers casting their eyes on the same property. Bidding wars are becoming a common occurrence as multiple offers are flooding the seller’s mailbox. Are there any factors driving the multiple offers besides the low inventory?
It might be due to the seller’s home being underpriced relative to the real value of the property. This may be done on purpose, as the seller is hoping a bidding war happens where multiple buyers try to outbid the other as they will go over the asking price, and real value of the home, just to obtain the property. While this tactic comes with risks, such as the seller possibly not receiving a bid over the asking price, it can result in the seller getting more than the home is worth.
The spring and summer months will likely bring some improvement in the housing inventory, but is not likely to eliminate the bidding wars. All across the nation, sellers are likely to see high demand for their properties and lower than normal inventory levels.
For more information about the current real estate market, please contact Barry at 925-890-2315 or Brenda at 925-890-9901. Zwahlen Real Estate Team