Big-time sellers market
If you have tried to purchase a prime piece of property in SW Florida recently, hopefully you were wearing full body armor and were carrying an uzi.
I have seen many bidding wars break out on a property within hours of it hitting the MLS system. I usually back off these scenarios as emotion often rules the day over logic in these situations.
A growing problem is that appraisers are having a difficult time keeping up with the rapidly changing market and many homes are selling for more than the appraised value. Buyers are often adding "not subject to appraisal" clauses to their offers to try and lock up a property.
Should home buyers offer more than the appraisal? Many do [Sun-Sentinel]