Multiple Offers Soar in John's Creek Real Estate

Posted by Jeff Aughey on Thursday, March 21st, 2013 at 11:12pm.

Multiple offers

From 2008-2011, Alpharetta and Johns Creek Georgia experienced an upsurge in power for real estate buyers. Sellers found themselves with little power to negotiate and foreclosures were not uncommon. About a year ago, in March of 2012, that market environment slowly started to change. It began in the lower price ranges and was most notable in the foreclosure market. Real estate investors started making multiple offers on properties priced at or below value to take advantage of the housing slump and the excellent interest rates.

Now, a year later, the occurrence of multiple offers on houses has blanketed the area. If you were waiting to sell, concerned about the equity situation on your home, or if you were discouraged with the reduced number of buyers in the recent past, it's time to reevaluate. If your Johns Creek (or surrounding area) home is renovated, shows well and is priced right, you will often receive multiple offers on it if you place it on the market now. Homes in areas with better schools are most in demand and see the greatest number of offers. Spring has sprung... and is always the best time to sell a home. Selling now, when multiple offers are common, puts you at a distinct advantage.

Advantages of a Multiple Offer Environment for Home Sellers:

  • Higher Sales Price
  • Greater Number of Interested Buyers
  • More Leverage (for buyers to accept terms favorable to you)
  • Less Pressure to Address Inspection Issues and Repairs (within reason)
You will have more leverage in areas such as date of possession, selecting a well-qualified buyer, and a reduction in the number of contingencies in your contract. Assuming that your home is in good shape, you will be less inclined to address "nit-picky" issues or "optional" repairs to secure a buyer because you will have several buyers to choose from and you can choose the one that is easiest to work with to sell your house faster and at a higher price. Now is an exceptional time to have your home on the market. You can sell your current house and take advantage of the lower interest rates to purchase the house you want. You may be surprised with your current equity situation right now -- especially compared to recent years -- and the buying power that will give you if you are ready to make a move.

What Buyers Should Know About a Multiple-Offer Environment:

  • Seller's aren't as likely now to accept any offer, so talk to your real estate agent to increase your chances of securing the house you want
  • You must have a pre-qualification letter, and loan pre-approval is even better and highly recommended
  • Be prepared to make decisions immediately - in hours, not days - to avoid losing the house
  • Write a clean offer - avoid contingencies or asking a seller for anything out of the ordinary
  • Don't "low-ball" sellers - Realize that if the house is priced correctly, it will sell for 97% of asking price or higher (multiple offers will frequently push it above the asking price)
If you have any questions about multiple offers, the housing market, or whether it's time to buy or sell your home, call me. I'd be happy to help you learn more about the current market in Alpharetta, Johns Creek or other areas of North Fulton County or South Forsyth County.

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