Winning a multiple-offer competition

The larger the downpayment, the better

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Lately, the home-sale market has picked up in some areas and price ranges. Multiple-offer competitions are more prevalent, particularly in popular neighborhoods where there's little for sale. It's always difficult to decide what to offer when you're in competition. It helps if you've done your homework and you know local market values well. Working with a good real estate agent who can keep you informed on current market trends is helpful. The Internet has a wealth of information about listings in most areas of the country. Attending public open houses in the neighborhood where you'd like to live is also a good way to learn about values. However, don't be misled by the list price. Some listings are priced at market value, but many are not. The most significant information is the sale price of comparable listings that sold within the last three months. In multiple-offer situations, a listing might sell for over the asking price. However, this is not always the case. A compli...