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Multiple Offers | Michael Walker Realty & Auction Blog

Thursday, May 2, 2024   /   by Michael Walker

The Tale of the Shopworn Home: Why It's Been Lingering on the Market

In the bustling world of real estate, homes come and go like the ebb and flow of the tide. Yet, amidst this dynamic landscape, there are occasional anomalies—homes that seem to defy the natural rhythm, stubbornly remaining unsold despite the eager eyes of potential buyers. Such is the case with what industry insiders dub as a "Shopworn" home.

What exactly does it mean for a home to be shopworn? Imagine a beautiful garment that, after being displayed in a shop window for too long, starts to fade in appeal, losing its luster and allure. In real estate terms, a shopworn home is one that has been on the market for an extended period, with little to no interest from potential buyers. It's a home that has been seen, perhaps even admired, by the public, but for some reason fails to translate that interest into tangible offers.

Recently, a fascinating article shed light on this phenomenon, likening an overpriced home to a shopworn item languishing on the shelves of a store. The ana. ...

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Thursday, March 10, 2022   /   by Michael Walker

How To Navigate a Market Where Multiple Offers Is the New Normal

If you’re thinking of buying a home today, you already know that the number of homes available for sale is low. But what does that really mean for you? As a buyer, low housing supply coupled with high buyer demand means you should be prepared to navigate a highly competitive market where homes sell fast and get multiple offers. Realtor.com has this to say:

“Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….”

In a bidding war situation like this, doing everything you can to get ahead of the competition is a wise move. That’s because when you find a house and submit an offer, it’ll likely be up against strong offers from other buyers. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 3.9 offers. That’s the most offer ...

  losing an offer, multiple offer, multiple offers, outbid

Michael Walker Realty & Auction
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