The number one question our buyers ask us when they are competing in multiple offers is “How much should we offer?” Here are some details you should consider which will help you make the right decision in how much to offer for a home.
How well priced is the property?
Is the home priced purposely low, in which case it will sell for well above the asking price? Is it priced at market value? Or is it over priced, in which case you should be offering less than what the list price is?
How many offers are going to be registered?
The amount you should offer could be different based on whether there are 2-3 offers or 7+ offers. Typically the more people that get involved in a multiple offer, the higher the price will go due to there being a higher volume of emotionally invested buyers.
The bottom line is that what you offer on a home, especially in a multiple offer, is the most it is worth to you. Think about what the house is worth to you and then offer that to avoid regretting finding out what the house sold for and wishing you had offered that price, or regretting feeling that you overpaid.
Theres are also various other ways to succeed in a multiple offer in terms of making sure the buyer and agent are on top of the situation and are ready to react quickly.