The market has quickly shifted to a seller's market, with low inventory but a lot of buyers. With this shift, it's important for homeowners to realize that there is a built-in check to the current exuberance: the appraisal.
When multiple offers are received, the seller needs to carefully consider all aspects of each offer. The "best" offer may not be the one with the highest purchase price. The buyer's down payment and ability to qualify for a mortgage in some cases could trump the offer price.
Careful analysis of the offer is one very good reason why it is prudent for a homeowner to use an experienced agent rather than going "for sale by owner."
Call me if you'd like to talk about your options and what's happening in your local market. 551-427-6343.