We are living in strange times, and multiple offer situations are back, at least in my world. Your agent’s approach to negotiating on your behalf should be situational, and negotiating multiple offers, whether on the buyer’s or seller’s behalf, is an art form.
It is the best of times, it is the worst of times. There are two distinct buyer psychologies at play. One segment is looking for a deal; the other is looking for an upgraded, turnkey opportunity. There are similarly two demographics at work. One wants (needs) the lower-end, entry-level product (in San Diego, these prices start with a “4?), while the other is less affected by trivialities like mortgage rates, economic indicators or general market trends (in other words, money is no object). Mediocrity, whether it be price or condition, is just not being rewarded. It’s enough to scare the Dickens out of a seller.
Read the rest of my mini-rant on the Bloodhound Blog here.