Multiple Offers, Under Contract, Highest & Best - - Oh My!

Today I spoke with a fellow agent as I was preparing to send an offer over to her. She informed me that the property already had 9 offers, 7 of which were over list!

I said, "Yikes!"

And she said, "Yikes is Right!" - - She couldn't wait until Wednesday when the Highest & Best was due and it would all be over....

As a Realtor, I have been experiencing a "shift" in the market once again. Multiple offers, Under Contract, Highest & Best, are just a few of the terms we are hearing over and over.

I know I am not alone! I have heard this from countless agents in GA and even other states and have had to explain to my buyer clients that the situation is real and needs to be understood so that they are armed and prepared.

So what does that mean?

As an agent, it means that the market is shifting back to a "seller's market" and that inventory is getting extremely low. = Good for the Overall Market, but frustrating for those of us out in the trenches.

As a Buyer, home prices are on the rise and so are interest rates. If you are looking to buy, you need to act quickly and make aggressive offers. = Again, frustrating.

It might take previewing several properties and making several offers in order to secure one.

Again, this is a good sign for the overall market, but can be frustrating unless you are working with a professional Realtor that can explain WHY this phenomenon is happening.

A brief explantion below outlines the WHY of the market shift and the inventory shortage.

If you are thinking of placing your house on the market, NOW is a GREAT time!

Call Me!