For homes selling for less than $670,000 that qualify for Federal Housing Administration-backed loans are seeing multiple offers and are being overbid by as much as 10% in some cases due to a lack of inventory.
This week, I submitted an offer on behalf of my clients for a 3 bed/2 bath remodeled house in the Holly Glen/Del Aire area with a listing price of $569,000. The offer was well over asking with short contingency periods and my clients didn’t get the property. They received 8 offers and only 1 of them was under the asking price. Many of the buyers were putting over 30% down. This type of demand will continue unless inventory significantly picks up and liberal FHA loan terms remain in effect.