Multiple Offers: How Do You Decide How Much to Offer?

You’ve heard the stories: your friend’s neighbor made seven offers before one was finally accepted. That’s a roller coaster of waiting and disappointment on repeat, and it doesn’t have to be you.

Go in with the right mindset

Never walk into a multiple-offer situation thinking “but what if I overpay?” It’s about getting your offer accepted on the house you want. First, take a moment to ask how much you really love this house. If you can’t imagine living anywhere else, go all in. You’ll regret it later if you don’t.

Read the big picture

So what price beats the other offers? Start with the market. If your agent says buyers are typically offering $100,000–$200,000 over asking in this price range, other agents are telling their buyers the same thing.

If 25 disclosure packages have gone out, perhaps half of those buyers will offer. On a house priced at $1,100,000, the winning offer is unlikely to be $1,110,000; buyers are probably being told to go at least $100,000 over just to be in the running.

Check the comparables

Next, look at comparable sales nearby. If a slightly nicer, more updated house is listed at $1,400,000, it’s reasonable to consider offering up to about $1,300,000 on this one.

Offer your highest and best

At the end of the day it’s an educated guess. Just remember you don’t want regrets: if your payment would only be $50 a month higher, it may be worth offering a bit more. Offer your highest and best, and if someone beats you, you can move on knowing you didn’t break the bank.

The dollar figures above are from 2020; today’s numbers are different, so ask us for current comparables.