Infographic: Multi-offer Competition on the Rise

Rise in Sales Above List Price

Competition for homes is currently on the rise in Southeast Michigan (as well as the rest of the country). Their is a shortage of quality inventory on the market and buyers are finding a lot of competition when making an offer on a home they love. As inventory declines year-over-year the percentage of homes for sale has increased from 32.8% in 2015, to nearly 44% in 2018.

This information has led us to believe that there is an increase in the number of homes that have received multiple offers. While there is no way to calculate the number of offers on a home, indicators lead us to believe that this number is on the rise. Nearly 44% of sales this year have been above asking price, which indicates multiple offers were made, and the winner had to pay more than the listing price.

Homes are selling faster each year as well. In 2015 only 32% of homes were selling in the first ten days. That number has shot up to 51%. Over half of the homes that are being sold are selling in the first 10 days. If you are not working with a Real Estate agent, you will most likely miss out on the top home in your price range.