Multiple Offers for South Florida Homes| What Multiple Offer Means

Multiple Offers for South Florida Properties

In our current Market, you frequently hear “Multiple Offers” mentioned in relation to Properties that are listed on the Market for Sale. “Multiple Offers” (also known as “Bidding Wars”) occur when several Buyers submit Offers simultaneously (at the same time) for a single Property. When Sellers receive multiple Offers, they will typically review all of them, request the highest and best Offer from each Buyer, and then select the Offer that provides the best total package of Offer terms and purchase price.

Multiple Offers are par for the course in Markets where Inventory is low, property sales are high, values have increased more than 20% since 2010 + are continuing to increase quickly, properties are selling very quickly, and there’s extreme competition among Buyers to purchase properties. Such are South Florida’s current Real Estate Market conditions, which have transitioned from a Buyer’s Market to a Seller’s Market.

As the saying goes, “we’re kinda a big deal”! South Florida is extremely fortunate to be a Global Real Estate Market that has high demand from International property Buyers from many Countries and Buyers from other States in the U.S. who purchase large numbers of properties. We’re fortunate not to be limited to local demand only. Within the U.S., Florida has the highest number of property sales to International Buyers, most of whom purchase in South Florida.

Unfortunately, in a number of experiences when working with prospective Buyers who placed Offers on properties (or were considering placing Offers) and were told that multiple Offers were received, I’ve found that the prospective Buyers believed that they were being lied to about the existence of other Offers as a ploy by the Brokers and/or Sellers involved to force them into placing an Offer quickly or increasing their existing Offer price. Almost every time, the properties sold quickly to other Buyers who had indeed placed Offers at the same time and are now enjoying their chosen properties. Initially, many prospective Buyers who miss out on great properties as a result of failing to listen to sound advice have a cavalier attitude that “there’s always another property available”, however, many have learned that, much to their dismay, unique properties, Luxury properties, properties at below average prices in prime areas, and other highly desirable properties that fit their search criteria can be challenging to find.

When we’re experiencing the type of Market conditions that we are currently, it should be very easy to believe that there are multiple Offers for properties. The data that I provide to Buyers regarding current Market conditions, the most comparable recent sales, and all related aspects is very comprehensive and verifiable as to accuracy.

Market data speaks for itself and savvy Buyers are responding accordingly.

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