Just when you think the sellers market is going away.

[Richard Schubert]

Made an offer on a really nice 3/1.5 house in a c+/b- neighborhood in Akron, Ohio. House was priced way under the market at only. 60k asking price. Super nice house with nice landscaping , hardwood floors in great condition, nearly move in ready with new furnace/hotwater/ central air. Came in strong with a 70k cash offer with an escalation clause for up to 76k all within 12 hrs of listing. 2 days later I learn my offer lost out and that they had 29 offers.

Wow, I thought. Who says the seller market is going away?? Back to searching. The competition is really tough right now.

[V.G Jason]

Quote from @Richard Schubert:

Made an offer on a really nice 3/1.5 house in a c+/b- neighborhood in Akron, Ohio. House was priced way under the market at only. 60k asking price. Super nice house with nice landscaping , hardwood floors in great condition, nearly move in ready with new furnace/hotwater/ central air. Came in strong with a 70k cash offer with an escalation clause for up to 76k all within 12 hrs of listing. 2 days later I learn my offer lost out and that they had 29 offers.

Wow, I thought. Who says the seller market is going away?? Back to searching. The competition is really tough right now.

For houses at that price level, you'll always have lots of bidders. The risk to the floor($0) is worth it, at scale, for some.

Go check out other markets that are actually closer to the median price point, it's a lot less transactional. Infact 29 offers may be more than they get for an entire zip code. 

The example  you used is just too small and futile.