Inman echo’s our previous observations (and then some) concerning the abrupt slowdown in local open house traffic:
All the signs are there: no more double parking to get a sneak peek at an open house showing; no more buyers sweating it out to make the best offer among dozens, agreeing to feed the neighborhood squirrels or not to ever under any circumstances remove the old family curtains from the second-floor bedroom – just to get into that house…
The frenzy is over. Agents sit alone on Sundays waiting for a buyer to come and try the dip. Listings are piling up in some markets as buyers realize they’re gaining back some leverage.
This is the end of multiple offers as we know it. Gone are the days of desperate buyers paying $60,000 or $80,000 above asking price. Gone are the days of real estate agents shoving them aside on their way to the lucrative listings.
And damn, you’d think we’d at least get a nod for that “double parking” line we used three weeks ago…
∙ The end of multiple offers [Inman]