Some sellers are getting multiple offers but most sellers seem to expect them. It is possible to get multiple that are all below the asking price. In that situation sellers used to choose the best offer and negotiate. If the buyer won’t negotiate the seller can move onto the next offer. These days sellers are more likely to ask for more offers and end up losing what could have been the best offer.
The offers received with-in the first two weeks that a home is put on the market are usually the best offers. The longer the home is on the market the lower the offers.
More offers are not always better offers and sometimes the best and highest offer is the very first offer. If the goal is to get more than the asking price then the asking price has to be low enough so that it is below the value of the home. If the goal is to get a certain amount then the home should be listed for that amount.
Over priced homes will stay on the market longer and in this market it is easier to spot the over priced homes because most homes sell in less than 30 days.
This may be counter intuitive but it is extra important that sellers work with experienced real estate agents and by experienced I mean agents who have been in the business for several years and who have sold many homes. There are agents who are giving their clients some really bad advice on how to handle offers, and multiple offers resulting in lower sale prices and more days on the market.
Sellers will still need to negotiate to get the best terms instead of collecting offers until they get one that is close to what they want they want. Negotiation has always been a part of the home sale process.
Both buyers and sellers need to remember that if an offer requires financing the home is going to need to appraise for the amount offered. It is fairly easy for a buyer to get out of the contract if the home doesn’t appraise.
Over the weekend I witnessed sellers acting badly but I believe they were being given bad advice. Don’t ask for highest and best offers by a certain date and time unless you already have offers. Do not collect offers and then ask for more offers. Plan on negotiating your way to an offer that will make you and the buyer happy. Do not ask for “love letters” the best qualified buyer may not be the best writer.