House buyers in stiff competition

Multiple bids on limited inventory

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Jim Andrews and Debra Abston really liked an East Memphis house listed for $475,000 in May, offered $501,000 — more money than other would-be buyers — but lost out to another’s slightly lower, cash offer.

Continuing the search for their first house together and now armed with a loan prequalification, the couple loved even more the next house listed at $499,000 on leafy Greenway. But despite offering $520,000, they failed to land that one, too. Someone else offered $525,000 at the eleventh hour.

“Very devastated,” Debra said of the feeling. “You get so emotionally attached to the idea and you think you’re offering substantially more than they are even asking, and that it’s a sure deal.”

Three months later the couple’s real estate agent told them the house next door on Greenway had just come on the market for $549,000. Battle-hardened, they pounced.

Aided by a video-telephonecall showing — Debra was out of town — they immediately made their strongest offer. It worked. The closing is to occur next month.

The lesson learned:

The Memphis housing market is now a seller’s paradise, where the posting of a “For Sale” sign is for would-be buyers what “Start your engines” is for NASCAR drivers.

Love that house? That first offer better be fast, furious and serious.

Lowballers beware: There were 13,227 houses listed for sale in the Memphis area in Septem-