There’s no question that the Puget Sound housing market has slowed down since summer of 2007, but home buyers still need to be prepared for multiple offer situations – yes, even now!
It all depends on the home and the price. While there’s far more inventory on the market than there has been in recent years and buyers are finally enjoying a break from a seller’s market, interest is high and some desirable, well-staged homes that are priced for current conditions are going in bidding wars.
The most recent spate of multiple offers, in Seattle and on the Eastside (going by my personal experience and reports from agents in my office) started three weeks ago and lasted two weeks. This past week was much quieter, for some reason.
Note 5/7/08: What I should mention is that we’re seeing a fair number of multiple offers that don’t go above list price, which was almost unheard of a few years ago. It shows that buyer interest is strong, but they’re also cautious about the market and homes need to be priced accordingly.
