A home buyer on Trulia complained he had just been outbid on two houses over asking price! He asked, is it normal in this market to get multiple offers on houses?
"In fact, I just made another offer on a third house and now it has "another bidder." That is exactly what happened the other two times. The common denominator is that they were all Watson listings. What's going on? Is the market back. This house has been up for 2 weeks. The past houses were up for 170 days and 4 days when I made my offer, only to find out that there was 'another offer'."
It’s happening in Key West, Florida. Two of Marquis Properties’ listings in the last 60 days have received multiple offers; an indication that the market is stabilizing and, perhaps, even recovering.
Broker Rudy Molinet responded directly:
“Yes, we are receiving multiple offers on certain properties in Key West. It has happened on two of our listings in the past 2 months. This happens when listings are in good locations and priced properly. It also happens on bank owned properties since they tend to be very well priced. The existence of multiple offers in Key West is evidence that the real estate market in Key West is stabilizing and in some cases recovering.”
In California, it’s happening in all price ranges, says Pasadena agent, Pete Whan. Whan suggests there are at least two factors that contribute. Recent NAR (National Association of Realtors) data says home owners now live in their homes an average of 9 years, up from an average of 7 years. That reduces inventory.
“The second reason,” Whan says, “is low interest rates which is driving demand."
Is this happening in your market?
For more information on the local Key West real estate, see Molinet's market reports.
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