The Secret to Handling Multiple Offers in Monroe

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Hello, and welcome back! Today's topic is how to deal with multiple offers on a home! 

In a seller's market like we're in, we typically have a lot of sellers who have received multiple offers on their homes. This can be a tricky situation, so it's crucial to handle it correctly. The first thing to do once you receive multiple offers is request a pre-approval letter from all buyers. Only those who have a pre-approval on hand should be considered.

The next thing to do is inform all of the buyers' agents that you have multiple offers on the table. After doing this, you can give the agents a deadline to go back to their clients to put together their highest and best offer. Typically, a few of these interested buyers will bring back a better offer in only a couple hours! 

Be careful not to assume that just because you receive multiple offers early in the process, you will continue to receive them throughout. Sometimes, if you fail to accept one of the original offers, you may not have another shot. Bottom line: don't settle, but don't take the offers you get for granted! 

If you have any questions about multiple offer situations, or if you need real estate assistance of any kind, give us a call or shoot us an email. We would love to hear from you!

What's the Difference Between Buyer's and Seller's Markets?

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Hey guys, today we are going to talk about the difference between a buyer's market and a seller's market, and what the advantages and disadvantages of each are. The example I like to use is as follows:

In a buyer's market, you have 100 homes with 50 buyers. Even after all the buyers buy, there are still 50 homes on the market. In order to sell, you've got to lower your price to draw more attention and more buyers for your home to get it to sell. When that happens, home values decrease and buyers get good deals.

During a seller's market, you have the opposite. You have 100 buyers and 50 homes. The buyers then have to compete with one another to get the home they want. When this happens, home values increase and sellers get a better deal.

Over the course of 6 years, we typically shift from one to the other, and are rarely in a balanced market. If you have any questions for us or are wondering what current market conditions are like now, give us a call or send us an email. We look forward to speaking with you!