More homes get multiple offers; downturn may be nearing end (general)

by AC , Wednesday, May 06, 2009, 12:08

By Julie Schmit, USA TODAY
More homes for sale are attracting multiple offers as buyers pursue lower-price homes and banks low-ball asking prices to attract competing bids on foreclosures.

Multiple bids have picked up in recent months in California and other states hit hard by foreclosures and steep price drops, real estate executives say.

"If a house is in a good neighborhood, is maintained and is a good value, it'll get multiple offers," says Julie Holt, owner of Anclote Title Services in Tarpon Springs, Fla. One in 10 homes now draw multiple offers, up from one in 30 last fall, she says.

Multiple bids usually signify a market in which prices are rising and buyers outnumber sellers.

Finish reading this at: USAtoday