So how did sellers handle multiple offers? How many offers did they get? What influenced their decision to accept one particular offer over all others?
The CALIFORNIA ASSOCIATION OF REALTORS® compiled statistics from 2013 sales data that answers those questions. Here is what they found:
- 98 percent of sellers received multiple offers, receiving an average of 5.9 offers from buyers.
- 77 percent accepted the highest offer.
- 47 percent selected the best mortgage-qualified buyer.
- 39 percent took the "no contingencies" offer.
- 23 percent chose the all-cash offer.
- 14 percent preferred the buyer who could close the fastest.
Source: CALIFORNIA ASSOCIATION OF REALTORS®, April 7, 2014, available from "How Did Sellers Handle Multiple Offers"; Internet; Accessed April 10, 2014.
Bill Burchard, Broker, REALTOR®