Recently The Cromford Report listed a new record for a listing:
June 19 – We have a new contender for the greatest number of offers for a single listing. This time it is a normal listing in Glendale 85308 (not an REO in Chandler like the previous champion). MLS # 4745038 was listed at $119,900 and received a total of 95 offers, finally selling for $140,000 cash. Among the 95 offers, 38 were all cash, 28 were conventional and 28 were FHA/VA. 51 offers came from investors and 44 from owner occupiers. The home is already listed for rent at $1,200 per month by the winning investor.
This is just a sample of how crazy the buying frenzy is right now. If you need to buy right now, go in with a plan and be prepared to make a strong solid offer. Even with everything done correctly you will see lots of competition. I’m working with an out-of-town buyer and have identified 7 properties in their target area that match their needs and they won’t have lots of competition on, there by increasing their chance of having the winning offer. You can still get what you want, you just have to be ready to do things a little differently.