The Bidding Wars are Back

Posted by Concierge on Thursday, May 2nd, 2013 at 4:22pm.

Are the bidding wars back?  You bet they are.  We asked four of our partners about the trends in real estate.

Ian Bell from Seattle said a property listed on a Thursday for $780k, and by Monday there were 10 offers, come even offering to waive inspections!  The property ultimately sold for $930k to a cash buyer.  This prompted Ian to wonder, “How do regular folks compete?”

Danielle Contreras, our partner from San Jose, CA is seeing a similar trend in her real estate market.  A property recently listed for $668k and quickly received 11 offers. The price of the house jumped to well over $700k with one buyer even agreeing to waive all contingencies.

Danielle said she has experienced so many stories just like this one, with bidding wars coming back in 2013.  Danielle advises her clients to see how much they are able to come out of pocket in the end during this housing market comeback.

Down in Austin, Ellen Noble is seeing multiple offers on any well-priced property in a desirable location.  Her buyer have had to make cash offers at more than list price and pay for title policy (which is typically a seller's expense).  Ellen’s advice to her clients is to keep their contracts as clean as possible - avoid any contingencies or repair requests.  She also notes it's an uphill battle because the listing agent has the inside track and sometimes they have a buyer for the same property.

Jeanne Keating our partner is seeing the same trend in Chicago.  She said a property was listed on Saturday and had a cash offer by Monday. There were a total of five offers, appraisal contingencies were waived and the property ultimately sold for higher than asking price.

Our agents have their finger on the pulse of the local condo market.  They can provide both sellers and buyers the expert guidance they need.

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