Friday, October 5, 2012

Multiple Offers: Commonplace in Today’s Real Estate Market

In many cities across the nation, and especially here in Tampa, Florida, we have seen a dramatic increase in multiple offer scenarios in our real estate market. This is of course a seller’s dream and somewhat of a “price is right” guessing game for home buyers and their real estate agents. However, this shouldn’t be viewed as a negative occurrence for either side of the transaction.

For sellers, having the option to consider multiple offers at various price points had been a thing of the past. This year, it is finally becoming more and more prevalent in our real estate market. An article published by Inman News identifies that most cities that are in real estate recovery (or beyond!), like Tampa, are seeing bidding wars on homes prices in all price ranges. This has nothing whatsoever to do with distressed homes. Other advantages of multiple offers for sellers include: generally quicker sales, less home disruption due to showings, and a “safety net” for the seller is created in case an offer falls through.

Now the story doesn’t exactly read the same for buyers who are in a real estate arena where inventory is low and multiple offers are more common. The thing that many home buyers have to keep in mind is that the market is changing and that their offers have to change with it. An article published by Inman News stated that “money is cheap” and buyers who were once fence sitters, are beginning to step up to the plate and seriously begin the purchase process. With mortgage rates remaining at an all time low, more and more consumers are entering the market and competing for the same few homes for sale. Gone are the days when you can offer 10K under listing price, wait a few days, and hear back with an accepted offer. Many real estate professionals say swift acting, ready buyers have an advantage in a low inventory market, such as Tampa, Florida.

Whether you are on one side or the other, multiple listings are not always a bad thing. Both sides can see significant benefits if they are represented professionally. If you wish to discuss your real estate goals and how to take advantage of this ever changing real estate market, calls SI Real Estate today and at least start the discussion.

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”