Myth - I will buy my home when value comes down - Part 1 - Multiple offer situation

Myth - I will buy my home when value comes down - Part 1 - Multiple offer situation

So this is the Myth that we are hearing in 2021 from some buyers that “I will not buy my home until the prices go down”.

Really? Do you have the magic ball? I don't think so. Welcome to today's episode of Myth Vs the Truth.

In today's market, we're seeing multiple offer situations. Sellers today are getting over the asking price for their property.

Those multiple offers are creating that bidding competition between the buyers and each good listings, move-in condition homes and actually all the listings. Honestly, if it's not really at a high price listed and if it's a marketable value, sellers are getting multiple offers between five to ten offers in each property. Those bidding competitions keeping the market high when a seller receives 5 or 10, sometimes 15 offers. Those offers are fighting among themselves.

Seller is just sitting and waiting for the highest and best. And you see the same thing with every listing.

So the market is also actually driven by the buyers. The buyers are the one who offers. So that is what happened.

So looking at all these the multiple offers, the way the prices are going up, it doesn't look like the price is going to come down because look at the momentum. It's on the upwards. And it's such a big force of that high price momentum, it is not coming down.

I hope this information helps you to make the right decision. And I see you next week in another episode of Myth Vs the Truth.