Multiple offers are not uncommon in today's red-hot real estate market, especially for moderately priced homes. But 32 offers — all above asking price?
"It's very abnormal," said Realtor Joey Oslund, who was flabbergasted by the tsunami of interest in the 1977 split-entry house he recently listed in west Bloomington for $400,000.
Requests for showings began snowballing even before the house officially hit the market, with 142 prospective buyers touring it during the first five days. There would have been more had Oslund allowed overlapping showings.
"I didn't want a COVID superspreader house," he said.
At the end of those five days, there were 32 offers for the three-bedroom house, with 10 additional buyers who were turned away.
"I know Bloomington very well," said Oslund, a RE/MAX Results agent, who grew up in the area and still lives around the corner from his listing. His father, also a Realtor, shared his amazement. "We were both just baffled."
What made this particular house such catnip to buyers?
"It was a perfect storm," said Oslund.
The price point and the timing of the market certainly contributed. So did the home's desirable location, close to Hyland Lake Park Reserve. "It's a cool park. You can hike around the lake and rent boats."
The neighborhood has a "highly coveted" elementary school, Ridgeview.
And the house is one of very few contemporary-style homes in the area, with the others much higher priced, he said.
At 2,978 square feet, the custom house is "unique," said Oslund, with a high vaulted ceiling in the living room, a main-floor owners' suite and large main-floor laundry room, and three sliding doors out to a deck.
Currently owned by the estate of its original owners, the house was vacant, so it was staged from scratch — and as photogenic as an Instagram post.
"The staging and the pictures absolutely nailed it," Oslund said.
He insists he didn't price the house low just to create a feeding frenzy.
"I don't think any agent would want that," he said. "You never want people to feel it's a game."
And he doesn't regret not pricing it higher. "They [the estate] got an amazing offer, and the buyers are extremely happy."
Most of the would-be buyers wrote "love letters" making their case to the sellers, said Oslund. "Everybody's got a story." The buyers who ultimately won the battle for the house wrote "a phenomenal letter, very expressive."
Like many buyers in today's frenzied market, they also waived an inspection and agreed to buy the house "as is."
"We're seeing a lot of contingencies waived," Oslund said.
Joey Oslund, 612-802-5001, RE/MAX Results, has the listing. A purchase is pending.