Multiple offers sounds like a great thing, right? In some instances, yes. It is a great thing from a seller's perspective. However, step back for a moment and think about it from the buyer's perspective.
I have heard of several and have been a part of several multiple offer scenarios over the last week, where the sellers just get to pick the highest and best offer. It seems great from a sellers perspective. However, on the buyers side, there can be mixed feelings. I have had several buyers just back off as soon as they hear about other offers being submitted. Some buyers just do not want to get involved in a bidding war, while others may find a thrill in it.
So, as a seller, be very careful about deciding on how to respond to an offer. Your agent may tell you it is best to wait for a higher offer, but that is not always the best idea. Keep in mind that you can make a counter offer to the first offer and see how they respond. If another higher and better offer does come in, an offer you just can't refuse, then your counter offer to the first buyer can be withdrawn, as long as they have not responded yet.
Because of the many complexities of the market, choose an agent you can trust to help guide you through the home selling process. Feel free to call me with any questions!