Before the recession hit hard, MULTIPLE BIDS were the norm on many real estate listings. Those two words virtually disappeared from the vocabulary of New York real estate brokers: they are ba-ack!
I have recently experienced a few of my own listings with more than one bidder, and I am hearing chatter throughout the industry of the same thing happening. While most multiple bids are not over the asking prices, they are shifting selling prices upwards. This may be a short lived phenomenon, but with shrinking inventories, and 2 years of virtually zero new construction, I think multiple bids will be with us for quite a while. We predicted this several months ago in LUXURYLETTER.
TIme will tell…..