There’s a curious phenomenon happening in the Twin Cities real estate market right now–
Multiple offers. Everywhere.
And here’s the thing. Banks and individual property owners (even those who live in single family homes) are putting their listings on the market at artificially low prices. On purpose.
Of course, this sends a wave of buyers and their Realtors flooding through the property. After all, everybody’s looking for a good deal. And everybody still hopes they can catch the perfect wave a property.
The result? With so many buyers and so many offers, it becomes a bidding war and the duplexceases to be a steal.
And, buyers who miss out on these “Ohmygodwhattadeal’s” start panicking. They believe the good buys are being bought from under them, that they’ve missed the wave entirely, when the reality is, they only missed this one.
What are the lessons in this?
First, these listings are selling in less than 24 hours. If you’re in the market, or even considering wading into the sea, it’s unlikely you’ll even have an opportunity to paddle out without being committed and signed with a Realtor. These properties simply sell too fast, and the listing agents are too busy to call you back to show to set up a showing.
Second, just because one property is listed at the ridiculous doesn’t mean all the deals are gone. There are plenty of opportunities on the market. And if you’re working with an experienced, established agent, she will be able to guide you to them.
The market is changing, but we’re not out of beach. This summer, if you miss a single wave, it’s likely another one will come along.