Manage multiple offers.

The Seller's Perspective

In the sub-million real estate market, attracting both first-time buyers and those looking to upgrade, we are seeing a return to multiple offers in 2024. For instance, in Rosemont, a vibrant neighborhood, 18% of sales resulted from competitive offers. Although this is not comparable to the pandemic period, it remains a significant indicator.

For sellers in a more balanced market, like the current one, it is crucial to quickly determine after listing if the situation is conducive to multiple offers. If a reasonable offer is received shortly after listing, it's wise to assess if other offers might emerge or if you are already in contact with the most motivated buyer. An in-depth knowledge of the market is essential, and obtaining a preliminary market analysis before allowing visits or offers can be beneficial. A buyer aware they are the only one interested will lack the same motivation. Consistently delaying responses to offers until a set date can be costly if multiple offers do not materialize. Discuss with your broker to understand how to gauge the market pulse—a well-thought-out strategy can save significant amounts.

The Buyer's Perspective

While there is no magic solution, adopting certain strategies can significantly increase your chances of success and help you quickly identify advantageous opportunities. If a property is priced fairly or below its real value, expect other informed buyers to reach the same conclusion swiftly. Additionally, in a seller's market, competition may include buyers previously disappointed by multiple offers. To avoid impulsive decisions, calculate the "no-regret price" you're willing to offer for an ideal property—the maximum amount you would pay without regretting your decision, even if you lose the offer.

Speed is essential. When an interesting property is identified, arrange a visit without delay and quickly submit a serious offer, without necessarily reaching your "no-regret price." Note that legally, the selling broker must present all offers to the seller upon receipt. A fast, competitive offer can put the seller in the delicate position of either accepting your offer or risking it in hopes of a better one. A short acceptance period can deter other buyers, reducing competition.

There are many other recommendations tailored to each case. Don't hesitate to consult your broker.