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Contributor
mirenter
Posts: 21
Registered: ‎11-25-2011
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Recent cooling of multi-offer situations?

Has anyone else noticed that the frenzy of April/May seems to have subsided? At least in the areas I am looking at (Redmond/Sammamish/Woodinville) I am noticing that houses that previously would have been pending/multioffer after their first weekend are sitting for the last three weeks or so.

 

Perhaps all of the crazy people bidding up houses well beyond their value have bought by now and I am the only guy left?

 

New Visitor
FinalOffer
Posts: 1
Registered: ‎06-28-2012
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Re: Recent cooling of multi-offer situations?

That is nice to know and I am not so sure I'm noticing similar behavior yet BUT you are not the only one looking in the Woodinville/Bothell/Sammamish area. We too are and putting in offer #2 tomorrow for a Bothell home. Our first offer is in a multiple bid war between one other for a Short Sale house that was on the market for 6 months. Do you think the seller's agent is always telling the truth about receiving multiple offers?

Regular Contributor
jericho
Posts: 51
Registered: ‎09-09-2008
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Re: Recent cooling of multi-offer situations?

It wouldn't surprise me if the market starts to cool a bit. I was trying to buy since March and due to the insanity I gave up and re-signed my lease. On the one house I made an offer on the other people were willing to pay above the asking price (on an already overpriced home) and waive the inspection. Apparently they thought it was 2006 again.

 

On the very last home tour I did in mid-June, when I told the redfin field agent that I was probably going to give up soon and just rent for 6 more months he told me that many other buyers were also getting frustrated with the market and have started to back away and let things cool down.

 

So I'm going to start looking again in September/October. I didn't see the point in paying an extra 10%-15% on a house when I know in a few months there will be a lot less competition because families with kids don't want to move once school starts.

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bmwshin
Posts: 4
Registered: ‎06-29-2012
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Re: Recent cooling of multi-offer situations?

I bought my first home/condo in 2006, and given the multi-offer situation, or how fast good-priced homes are going off-market, I felt that it was kind of like back in 2006 when I felt that I needed to make a move.  I'm looking into SS properties mostly, and given the 60-90 day commitment thing, I've been hesitant to make an offer on a property just yet.  I think the prudent buyers are being more selective now that the listing agents are asking for full commitment, in terms of earnest money and getting an inspection done right away, which can be a good thing if you really like a property and not look at anything else in the next 60 plus days.  I'm not one of those people at this time. :smileyhappy:

Regular Contributor
tomtom
Posts: 80
Registered: ‎09-12-2008
0

Re: Recent cooling of multi-offer situations?

To get the market going this year, agents were under-pricing a number of  houses and generating multi-offer situations.  Based on the momentum that tactic generated, they are now pricing properties higher hoping to capture the benefit. 

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silvrayn
Posts: 1
Registered: ‎07-01-2012
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Re: Recent cooling of multi-offer situations?

Granted, I'm not sure how bad it was, but anything worth living in in Redmond/Bellevue in the $350-420 range is still getting multiple offers on the first weekend.  I was on my third offer (two of which were over asking price) before anything stuck. :-/