Amongst the words of wisdom attributed to Groucho Marx is the quote “I would not join any club that would have someone like me for a member.”
We’ve noticed the same effect in real estate.
A home might stay on the market for weeks, and then receive two or three offers at the same time!
Perhaps some buyers don’t want to make an offer on a home that no one else is making an offer on. Once another buyer has recognized the value of a home, then they feel more comfortable making an offer on it.
To paraphrased Groucho, perhaps they feel…. “I would not make an offer on any home in which I would be the only buyer”
I’ve earlier discussed how I received the Nobel Prize for Real Estate by discovering the quantum theory of home buying … “After you make an offer on a house, you either get the house, or don’t get the house.. there is no other state“
What I hadn’t really considered is the activation energy needed to trigger an offer “chain reaction” Once one offer is made, it seems to provid the quanta of energy needed to create a chain reaction of other offers.
Our advice… if you like a home, make an offer on it right away! You might just get it accepted.
Someone told me that Oprah’s Harpo production company reported that the Groucho effect was first observed in Chico California. After diligent investigation by the Gummo & Zeppo private investigation firm, I can’t give high marks to this story.