Posts tagged as:

multiple offers

Looks Like Writing Multiple Offers is the Phoenix Real Estate Question of the Week

by Dru Bloomfield on August 25, 2009

Multiple Offer in Phoenix Real Estate MarketLast week, I had a buyer ask me if she could write offers on three separate properties, and then just go with the one that was accepted first.  In theory, she could do this, although some would recommend disclosing that a buyer is writing multiple offers.  In fact, this type of disclosure was done in the height of the market several years ago.

That market was very different from today’s market.  Response time then was in hours and days, not weeks and months.  Short sales were virtually non-existent and foreclosures making it into the MLS were not that common either.

The question my client asked is a tough one. And, from what I’m reading from other Phoenix Realtors, I’m not the only one getting this question.

Can I submit more than one offer at a time? – Rod Rebello

 

Writing Offers on Multiple Properties – Jonathan Dalton

 

Ask the Broker: Is it legal to place offers on multiple homes? - Jay Thompson

The comments on Jay’s post show just how challenging it is for buyer’s right now.

My client just submitted her fifth offer to purchase a home, which is not all that many in this market. She was outbid on a several foreclosures. One short seller didn’t even respond to a full-price offer. And, this buyer is watching Phoenix home prices begin to increase in her price range, and she’s trying very hard not to panic. You can understand why she asked the question.

In the end, she opted to write one offer for the property that she really wanted.  There’s still something about real estate, where a house becomes a home.  And the look in her eye, as she walked through the door of the house, said it all. "This is where I want to live."  Multiple offers or not, that’s what real estate is still about for most home buyers.

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Phoenix Real Estate Update: Median Sales Prices on the Rise

by Dru Bloomfield on June 21, 2009

Here’s the latest “Good News” from the Cromford Report:

On June 20, 2009 for “all areas and types” we recorded a Monthly Median Sales Price of $124,000, up 7.8% from the $115,000 we recorded on April 30.

This is for ALL ARMLS listings and all types of dwellings, so it represents the median across this entire market. But specific sectors may be performing quite differently. The principal reason for the price increase is the change in the market in west Phoenix, where properties below $50,000 have become much scarcer and purchase prices have risen sharply due to intense competition and reduced supply. A similar increase in pricing, but less pronounced, can be seen in many other affordable areas of the valley. In addition, lender owned properties now comprise a diminishing percentage of the total number of homes sold, diluting their power to bring the median sales price down to the extreme lows we saw in April.

Pricing above the $500,000 level is still falling, but these homes now constitute a very small part of the market compared with a few years ago.

I’m representing a number of buyers and it’s been tough to get an offer accepted in the lower price ranges.  Competition is fierce, even for short sales.  Multiple offers are much more the norm, rather than the exception.

If you are planning to purchase a home before the end of the year, you must get your loan pre-approval before you start looking. If you find a home before you have your paperwork in order, you will be at a real disadvantage.  Lenders have geared up and are able to get you the Arizona required paper work (LSR – Loan Status Report) much more quickly.  However, it does take some time, so plan ahead!

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