This is not a typo, or a re-tweet circa 2005. We’ve noticed an odd phenomenon this spring… multiple offers. There’s a trend developing here and it actually makes perfect sense. The formula is as simple as the perfect storm: the buyer pool is slowing increasing + buyers are tiring quickly of distressed properties and their associated problems + the number of desirable properties that are priced aggressively is limited. Hence multple offers on quality homes.  Here’s what they all have in common:

A.) Neighborhoods that have steady traffic. Let’s face it, some neighorhoods have faired much better than other during the fall. Frankly we were a little surprised to be involed in 2 multiple offers in Rogers Park alone over the past 3 weeks.

B.) Pricing that is very competitive given the immediate comparable properties. This offers immediate value and if there is ONE thing today’s buyers respond to, it’s value.

C.) Properties that show very well.  It’s always been one of two critial elements for every seller (the other being price). In today’s market, how a home shows is more important than ever.

Of course, I wouldn’t exactly call it a HOT market right now but these are certainly signs that the industry, and perhaps economy, are moving in the right direction. My advice still hasn’t changed… If you’re selling – price and show on the mark. If you’re buying - look for the place you love and negotiate hard to get the best deal you can. Happy house hunting!!