As the market cools slightly, multiple offer situations are declining.
The market is still incredibly competitive, but as it begins to normalize, multiple offer situations and bidding wars are declining. What does the data say about how common these situations are now, and what can be done to keep attracting the most buyers possible to your listing?
How Common Are They?
According to data crunch by Redfin and summarized by NAR, June saw a 7% decline in the number of multiple offer situations faced by agents. This trends with slight declines over the past two months, as well. However, even with their commonness declining slightly, it is worth noting that competition is still far above levels seen in a “typical” market.
For a breakdown of the markets seeing the most sustained levels of competition, take a look at the article linked above.
How To Keep Attracting Buyers
As the market continues to trend towards normalization, it’s important to do everything possible to ensure heavy buyer traffic and hopefully continued strong offers. A great way to make sure that’s the case is with solid marketing for the listing; advertising materials from Hampton Roads Real Estate Photography feature magazine-quality photos, gimbal-stabilized property tour videos, drone photography, and immersive virtual tours. Choosing professional media with which to represent your listing will keep you more competitive in our changing market.
