Market Shift: More Houses Get Multiple Offers

Experts say markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties. This is especially true if a house is in a good neighborhood, is maintained and is a good value.

Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.

"When you begin to see people willing to fight for a property, that's a good sign," says Beth Peerce, treasurer of the CALIFORNIA ASSOCIATION OF REALTORS®. "We are beginning to see the beginning of the end of a disaster time."

Source: USA Today, Julie Schmit (5/6/09)