What Is A Buyer In Multiple offer Situation To Do In Charlotte, NC.?

What are buyers that are experiencing multiple offer situations in the Charlotte, NC. market to do today? First thing is you should not panic. Yes, we are seeing a multitude of homes in the Charlotte market going into multiple offer situations and I expect that to increase as we go farther into the selling season this spring. Just because a house has multiple offers on it does not mean you have to over pay for the house. A lot of first time buyers I am working with I have to calm down. The emotions are running high; they are aware that this is the nicest house they have seen and is the one they want. They sit with me and we go over the comparable for the neighborhood and the shift in pricing and come up with what i and they agree to be a fair value on the house and make an offer based on that. I submit the offer to receive a response form the listing agent stating that the house is now under multiple offers and I need your highest and best offer by X date and time. Now the buyers are devastated.... What if we lose the house? How much do we bid to ensure we get the house? A lot of questions are going through our minds. This is all normal. But do not panic and over pay for a house. In my last three transactions representing the buyer two of them went to multiple offers and the third we bid on the day it hit the market. I lost one of the multiple offers and won the other. I negotiated a slightly better than market deal for the other house based on the quick response time. Since January I have received offers and closed or under contract on seven of my listings. On six of the seven I either received an initial offer at full price or went into multiple offer situations and the seller received full price for the house (and in one case over value). So yes the market is changing and I tell buyers all the time; you need to think about it before you put an offer in. however; now you cannot think for a few days. It has to be within 24 hours or you may lose that property to someone else who was faster and ready or panicked. Based on my experiences (which talking to other Realtors seems to be a common theme) homes are moving faster and for more money than they were in 2012. Some realtors are pricing their homes over market value because of that and when multiple offers come in they are getting the price because a buyer over paid for a house. No home is that perfect that it warrants over paying for the house. As I explain to buyers all the time. If this house is the right one we will win the bid on it. If not I will find you another one. It may not look that way now but trust me there is another house out there for you. So far, I have not let anyone down. It may take longer than someone wants but I always find them another house and they are thankful for it. So, even though the market is shifting and prices are going up....do not over pay for a house. Have your Realtor do a comparable market analysis and tell you what the value should be and adjust for the price inflation going on right now and stay true to your number....A home purchase are the largest single purchase a person will make in their lifetime. Make sure you are making the best one. Just because you do not win that house does not mean you will not find the right house at the right price Dave diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com