54 Offers in 3 Days
When the last offer was received, Quinn and Daryn Shapurji had 54 bids on their four-bedroom, single-family house in Fishers, Ind. That was in just three days. Ms. Shapurji said, they felt totally overwhelmed. Search homes for sale in Flying Horse, Colorado Springs, CO here: http://www.rehava.com
We felt bad that we had to say no to so many people, because we got a lot of beautiful letters from buyers saying how much they loved our house. Also, why they wanted to live in the area,” said Ms. Shapurji. She is a 32 year old a closing coordinator for a home builder. Some buyers had already struck out on five or six homes.
Cash is King – Waive Appraisal
Chris Dossman, the couple’s real estate agent, suggested they take a cash offer that was $25,000 above their home’s list price of $220,000. It wasn’t the highest offer they received, but the cash buyer waived the appraisal. That was knew that we weren’t going to have an issue with the home closing from a financing perspective. Fifty-four offers is by far the highest number of offers that I’ve ever received for a listing he said.
64% of Offers Faced Bidding Wars
The Shapurjis, who closed their deal in mid-March, are far from alone when it comes to getting flooded with offers in today’s supercharged real estate market. Nearly two-thirds (64 percent) of offers written by Redfin agents in March faced bidding wars. This marked the 11th straight month where more than half of Redfin offers encountered competition, according to the online brokerage. Salt Lake City, Pittsburgh, and Boise, Idaho were the most competitive markets of the 24 metropolitan areas that the company analyzed.