What’s the driving force behind multiple offers? The fear of loss. It means that buyers are willing to push the envelope and pay more for something rather than take the chance of someone else winning and getting that special home. Sometimes buyers are looking for a long time, waiting for the “perfect home”. Sometimes they see it and “just know this is it.” Sort of like love at first sight.
More likely that’s code for a home in a “perfect” location. There are three things that are important is real estate: location location, location. You can change the decorating, you can rearrange or add rooms, you can add a pool or remove one, but you can’t change where the home is located.
My listing on Shepherd’s Lane in La Canada Flintridge is a perfect example. Located on arguably the most romantic street in the best area of Flintridge, which is perceived as the premiere section of La Canada, this property was definitely in the “best” location. Besides that it offered a beautiful piece of property with half an acre, located in the middle of the block. The “perfect” lot in the “best” location. Buyers didn’t want to lose this opportunity.
The result was a selling price at over $1000/SF. 11 buyers lost. One buyer has won. The buyers have spoken.