Most people think that if it's still a buyers market, then the possibility of multiple offers doesn't exist. Just get that thought right out of your head right now! Multiple bids on a property happen in any type of market!
Just yesterday afternoon, I showed a client a home that had only been on the market a few hours. It was a nice home, and she liked it as soon as she walked in. I knew immediately that this home was priced very well, and I told her so. We made another appointment to go back this morning, and came up with a few questions for me to ask the agent, who could then ask the owner, with pretty much the intent of submitting an offer if all of those questions were answered to our satisfaction.
When I called the agent to find out the answers for what we needed to know, she told me there were already two offers on the property, and they are expecting one more tomorrow. So while the property is available today, it will be sold to someone tomorrow when the seller makes a decision.
I have to tell you, as for me- I hate telling a buyer client that they are in competition for a house that they love. And then there's that lingering doubt, is the agent telling ME the truth? Sometimes I think they are just trying to push a sale. A few questions to the agent after that conversation can usually tell me whether or not that's a truthful statement or ( a hopeful one) As for this house, I believe this agent was truthful with me. The property is priced VERY well.
So what is some good advice that I could give you as a buyer, when you are in a multiple offer situation?
PUT your BEST foot forward! You are in competition with other buyers, and the sellers are looking at the bottom lines of the offer. They won't have to negotiate with you. As a matter of fact, they can just accept one of the offers on the table, and not even bother to ask you for your highest and best bid.
When you hire me as your agent, I'll give you the best representation, and I'll do my very best to get you the house of your dreams for the very best price. You can bank on it.