Though we are sadly aware that prices are still falling in Connecticut, even as they keep rising just about everywhere else, we see signs of hope in the return of the multiple offer. Well-priced homes, especially during the spring "rush", attract lots of attention, and can go for higher prices if they can spark a bidding war. Bidding wars are great for sellers, while they are nerve-wracking and often frustrating for buyers. It doesn't mean that houses will sell for more than they are worth (and, in any case, financing contingencies would mitigate against that), but they do stop bottom-fishers from getting exceptional bargains from avid sellers. Nor does it mean that the home was priced too low, as sellers may inevitably think.
Their appearance in our market should alert buyers, however, that putting in really low offers on homes that haven't sold, or even new listings, on the theory that "nothing is selling", can really backfire. Make a fair offer, and be prepared for the fact that you may not be the only buyers in the picture. Think about what it's worth to you, and make the highest offer that you would be unhappy to hear that someone else paid; i.e., the price that you would have paid, had you known that you could get it for that amount. And be glad that your taste is shared by others, because that will help you when you go to sell it someday!
