The Return of Multiple Offers in the Spring Market
We have seen a return of multiple offers as we are entering the spring market. Interest rates have also continued to rise, and in many cases, we are seeing interest rates for 30-year fixed mortgages that are in the upper 6% range.
At the same time, our inventory is still at the absolute lowest levels that we have seen. Thus, with the spring market coming and people wanting to get in before the summertime vacation season, we are seeing multiple-offer situations occurring on almost every new listing that hits the market.
And if it's not getting multiple offers right out of the gates, then typically, we are seeing that the price may be higher than what the buyers are going to be willing to pay.
So, with that, you can still win. It's still a great opportunity to find a property, as long as the stars align for you, the timing is right, but you need to be prepared and have a good strategy with your agent to be able to compete, and then, ultimately win when it comes to a multiple offer situation here in the spring market of 2023.