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WRONG!
I bid on 4 properties. I lost 3 of them. One I bid OVER asking and lost it.
Guess what, the properties sold and I could verify it via public record. The records state the owners' names. So the multiple offers ARE real.
The 4th property we bid on, there were 4 offers on the table after the home was on the market for 2 days.
I didn't believe it either the first time we bid. I thought they were lying as the house had been on the market for 6 months and all of a sudden another offer came in at the same time. We bid a little low and lost the house.
Lesson learned!
Well we found a house that was just listed last night and while we at our showing there were people that came while we were there, then later at our second look there were people leaving and coming. We made an offer and they have three other offers!! We are going to lose it because we gave our very best offer and it's not good enough apparently. It sucks. Definitiely not a buyer's market here (at least in our price range.)
I find it amazing how often a listing will sit on the market for months and then when an offer does come in, another offer almost always follows shortly after. Many times we've had an old stale listing get 2 offers the same day. It really does happen, more often than you would think. Usually something has happened recently with the listing to make it more appealing, either a price reduction, or an incentive of some type offered, or a new paint job, or something.
Short version: Whatever made it suddenly interesting to you could easily have attracted others.
As an agent I hate multiple offer situations, whether I am the listing agent or the buyers agent, for some of the reason already stated. IMHO, it is highly doubtful that an agent would lie about multiple offers.
If you do not believe the agents, then do what sheenie2000 did and confirm or deny the facts if possible. Sheenie2000 learned a lesson, maybe it is possible others can learn the same lesson also.
After reading these posts, I have come to realize the housing market is only slow in the areas that no realtors post from.
Kinda confirms my belief that a realtor would be the last person to admit housing is slow in their area.
Multiple offers on certain properties and slow sales are 2 completely different things.
You have had non-Realtors on this thread confirming there are indeed many multiple offer situations going on right now. That you refuse to believe it is another issue.
I don't know this is some thing the agent obligate to do or not, when we put an offer on a property, we are the only offer at the time, the agent came back and told us she has an offer at full price from previous viewer, she said it is her obligation to let those previous viewers know the offer is on the property. That can also attributed to multiple offer on property.
Interesting. I just posted about my friend who somehow got duped by her agent into asking full list price when she knows now there was absolutely no need to do that. I don't think she got the "multiple offers" line, but something similar I guess, some kind of pressure. I'm sure the sellers were happy, but this agent worked for the buyer, not the sellers
What's wrong with paying full price. Why does everyone think it is acceptable to STEAL another persons hard-earned equity?
WRONG!
I bid on 4 properties. I lost 3 of them. One I bid OVER asking and lost it.
Guess what, the properties sold and I could verify it via public record. The records state the owners' names. So the multiple offers ARE real.
The 4th property we bid on, there were 4 offers on the table after the home was on the market for 2 days.
I didn't believe it either the first time we bid. I thought they were lying as the house had been on the market for 6 months and all of a sudden another offer came in at the same time. We bid a little low and lost the house.
Lesson learned!
LOL you didn't "LOSE" anything. "Lost the home..." that is just hilarious.
I'm in the thick of the most out of whack RE market - the "prime"/desirable/higher end neighborhoods of LA, so my comments will be directed mainly based on my experiences & "local market".
There are some sales happening right now because there are ALWAYS gullible people who never learned that the LAST person you ask for financial advice is the person who stands to make money from your purchase.
And the poor *******s in the real estate business, tired of eating cat food and ramen for the last couple of years, are so desperate for a deal that they'll tell you the sky is purple if they think it will get you to buy. Remember, "it's ALWAYS a great time to buy".
Employment is in the toilet and at near-Great Depression levels. Homes in any remotely desirable areas have not yet returned to a decent price (3 to 4 times incomes). Sane people these days are holding on to their money and NOT buying in case their jobs don't last and they end up needing to leave the "golden state" to find work elsewhere. ARMS, stagnant economy, no jobs, monster government debt/fleecing of the taxpayers and public coffers....the bottom ain't here yet.
Who is buying in the mid and high end? Impatient suckers with money to burn, people who don't know any better, and some men getting pressured to buy by nesting wives. When asking prices are still 8x, 9x, 10x or higher than household incomes, and even in the nicest areas they have been historically 3x or 4x household incomes, then there is a bubble that needs deflating. Meanwhile rents are much more in line because they are based on what people can actually afford. It's not too hard to look at Redfin or Zillow and find many, many 2-3 bedroom homes (not condos, not mansions) that were easily within 3-4x the household income in very desirable parts of Los Angeles prior to the last decade.
In case people hadn't noticed, our economy in California is literally done for...dead cat bounce is in and the housing bulls are literally done. And Cali is what, one fifth of the US economy? I've been wondering how investors are sitting there with money in real estate watching the stock market climb and climb. When they don't realize those housing gains in 3-5 years, combine that with people walking out on their underwater mortgages, RIDICULOUS amounts of government inteverention that have only managed to SLOW the plummet to a crawl and you are looking at YEARS of depressed housing prices.
Don't sweat it. There is literally NO need to purchase a house. Not with rents as low as they currently are. Last I looked, a nice 3 bd/2ba in better parts of West LA goes for $2700-3500/mo, but would cost around $7K+/mo to purchase. The housing market THRIVES on emotion based decisions. The people seeing a bottom here (LOL..a 3 month bottom) are going to be kicking and screaming as they pull that falling knife they caught out of their chest 2-3 years down the road.
The biggest problem is the Artificial Govt Support. Throwing good money down a rat hole and just prolonging the agony. Prices are the problem. If it wasn't for gov't manipulation we would be though the worst of it by now after 2 years. But no, let's stretch it out for another few years, AT LEAST, until it's even worse before we go down the toilet. And even with all this support and artificial supply shortage in the housing stock, the RE market is still barely limping along, slowly lower and lower.
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