Sellers Find Multiple Housing Market Bids

May 10, 2012 / Russell Legato, Residential Property Analyst

Chicago has had its real estate recession like many other areas in the country. One Chicago homeowner had a nice surprise when she listed her house. The home, located in the Edgebrook suburb of Chicago had a showing a couple of hours after the listing became active. There were more showings to follow closely. In twelve days, a sales contract was written up.

Sellers Find Multiple Housing Market Bids

The owner, of course, was very happy with all the activity. She wasn’t prepared to be ready to move out within sixty days though. It barely gave her time to pack and find temporary housing.

This was a higher-priced property that had two bidders. One of them accepted a counter offer from her and the sale was made. Those working in the real estate industry in Illinois include Eve Bremen, manager of the Coldwell Banker branch. Her opinion is that it’s a matter of supply and demand. New construction has seen fewer than average starts. It is natural that existing homes are dwindling in numbers. Of course, there are the foreclosed homes. They may be in less than move-in condition in many cases though.

One realtor, with Baird & Warner, located in another Chicago suburb, had half a dozen homes that had multiple offers from potential buyers. That was in the last two months. Offers are still being written for less than the listing price. Offers may be written faster and higher when people know they have competition that may also make an offer on the home they want.

Multiple offers were made on a 1,450 square-foot home. It had three bedrooms, 2.5 bathrooms and was listed for close to a half million dollars. She had remodeled bathrooms, kitchen put in stainless steel appliances and granite counters and a kitchen island, and added a wet bar to his rec room on the lower level, which made it an attractive home in move-in condition. Realtors suggest buyers avoid a bidding war by not bidding exceptionally low. Multiple housing market bids will tend to make buyers realize there is competition on many homes for sale in the real estate market.

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