The Wenatchee market is experiencing what seems like a hotter market than the boom of 2004 to 2007. Multiple offers on listings were common back then. and they are once again. The inventory is so low that it has caused a "backlog" of buyers. Ready-to-go buyers are waiting in the wings, poised to strike the first listing that pops up in their price range. Just last week I listed a home that produced 10 showings in 4 days, 5 offers, and a pending sale in excess of list price.
If you're a buyer, this situation can be extremely frustrating. My best advice is to do what you can to remain calm, business-like, and ready to move on to the next one if your on the losing end. If the seller has set an "offer review date", ask your agent to make sure this deadline hasn't been changed. Your agent should be in frequent contact with the listing agent seeking information on the rapidly changing situation. You may want to employ an escalation clause, a tactic that allows you to beat any competing offer by a certain amount of money up to an upper limit. You offer depends on your perception of value. Have your agent put together a market analysis estimating the true value. You may want to add 1 to 3 percent to the market analysis since we are in a steep price incline environment. If possible, submit your best offer just before the seller reviews all offers, and see if your agent can find out what you're competing against. It might be in the seller's best interest for the listing agent to share this information. It doesn't hurt to ask!
Finally, set realistic expectations and try not to get emotional. Be prepared to lose out on a few homes. From what I'm experiencing, that is pretty common. Keep searching the MLS for new listings while you are waiting because it's possible another home will come up that meets your needs even better than the one you're offering on.
If you have any specific questions for me, just call or text anytime: 509-670-0795
All the best,