“Home Shoppers Better Start their Searches Pretty Soon”

Many real estate markets are experiencing multiple bid situations and in many cases at higher than the asking price.  

I did a preapproval for clients that put their own home on the market last weekend, so they needed to get preapproved for a new purchase. The listing price was $449,900 which was giving them a healthy down payment for a new purchase. They weren’t sure how long it would take to sell their home, but wanted to begin the search for their next home.  

Too their surprise, the property was shown twice and turned into a multiple bid situation and they finally accepted a $455,000 contract, with a closing date in 6 weeks. They also have a clause in their agreement, to get a two week extension, if necessary. They have now doubled their efforts to find that next home in the next week.  

These situations are becoming more and more prevalent in many markets around the country. Are you seeing anything like this as well?