June Real Estate Market Update

Working with Multiple Offer Negotiations

This is a very challenging time in real estate. Buyers and sellers can end up being frustrated due to the seller receiving multiple offers from many buyers competing for the same house. According to the National Association of Realtors these are the issues facing both parties and their brokerages:

• Sellers want to get the highest price and best terms for their property.

• Buyers want to buy at the lowest price and on the most favorable terms.

• Listing brokers – acting on behalf of sellers – represent sellers’ interests.

• Buyer representatives represent the interests of their buyer-clients.

• Will a seller disclosing information about one buyer’s offer make a second buyer more likely to make a full price offer? Or will that second buyer pursue a different property?

• Will telling several buyers that each is being given a chance to make their “best offer” result in spirited competition for the seller’s property? Or will it result in the buyers looking elsewhere?

• What’s fair? What’s honest? Why isn’t there a single, simple way to deal with multiple competing offers?

If you’re in the real estate market or will be soon to buy or sell a house make sure your agent have an in-depth discussion on today's real estate market. All parties need to be treated fairly and ethically. It's important to have realistic expectations.  These are challenging and unusual times, but this can be done.