Multiple offers on for-sale properties is the modus operandi in some housing markets these days. Inman News columnist Tara-Nicholle Nelson wrote this week, "in the last couple of days, I've seen another 30-offer listing and a bunch in the seven- to 15-offer range. The level of buyer activity has gone from zero to 1,395 in the blink of an eye.
"(And I've asked around -- my colleagues in other markets are seeing the same multiple-offer phenomenon, although perhaps not to quite the same extremes.)"
In a separate report, California Association of Realtors Chief Economist Leslie Appleton-Young stated that "many distressed properties" are "receiving multiple bids."
Nelson suggests that the looming expiration of the First-Time Home Buyer Tax Credit may have something to do with the rush of offers.
Are you seeing multiple offers in your market area? Tell us about it. And tell us what factors you think are driving the multiple offers. Who is making these offers? First-time buyers? Move-ups? Investors? And what types of properties seem to get the most offers these days.
Send your comments to: future@inman.com, or comment here.
Inman News may publish some of the comments received.
