Buyers may find themselves caught off guard when making an offer on their dream home...a bidding war ! Something we haven't seen in several years, is back! But not to the extremes that existed in the housing boom. Despite what you may think sales are on the rise, and inventory isn't as high as one may think.
We don't advise over-paying, but it is our job to alert you that you may find yourself in a multiple-offer situation that will require you to present your highest and best offer, if you really want that investment or dream home, especially with the "bank owned" owned properties on the market today.
"Competitive bidding in the current environment isn't producing huge price increases or leaving sellers with hefty profits, as occurred during the housing boom. Still, the bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump.
An index that measures the number of contracts signed to purchase previously owned homes rose in March to its highest level in nearly two years, up 12.8% from a year ago and 4.1% from February, the National Association of Realtors reported on Thursday."