I’m wondering if we will look back on 2021 with fresh eyes on how the rules of engagement for buyers dramatically shifted. I showed a home listed for $300K & the list price was revised that day to $320K and then after offers were reviewed and one accepted revised again to $345K – 15% over the original list price.
Some shifts in offers have included..
Multiple offer deadlines
Offers without an inspection contingency
Escalation clauses – some simply lead with the escalation clause vs. the sale price offer
Other bells and whistles – free rent backs/seller occupancy; leaving the home with personal property the estate doesn’t want to handle
Appraisal gap & appraisal waiver – proof of funds
$$$CASH CASH CASH$$$ — buyers leveraging relationships to make CASH offers and subsequently get a mortgage after closing
My head has been spinning along with my car tires. We see the listing and we jump. Sometimes the homes are selling sight unseen so we don’t even get in the door. Such a contradiction to 2009 when I was starting out as a Realtor and for sale signs were in excess. What a major shift.