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Market Shift: More Houses Get Multiple Offers

Julie Holt of Tarpon Springs, Fla.-based Anclote Title Services says 10 percent of the homes for sale are generating more than one bid.

Experts say markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.

“If a house is in a good neighborhood, is maintained and is a good value, it’ll get multiple offers,” says Holt.

Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.

“When you begin to see people willing to fight for a property, that’s a good sign,” says Beth Peerce, treasurer of the CALIFORNIA ASSOCIATION OF REALTORS®. “We are beginning to see the beginning of the end of a disaster time.”

Source: USA Today, Julie Schmit (5/6/09)

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