You've seen it happen countless times in the real estate market: a beautiful property sits on the listing for weeks with minimal interest, then suddenly one offer arrives and the floodgates open. Within hours, you have multiple competing bids, bidding wars ensue, and the home that nobody wanted yesterday is now everyone's dream property. But why does this happen?
This phenomenon isn't just luck—it's a combination of human psychology, disclosure regulations, and market dynamics that create predictable patterns in real estate. Whether you're a buyer, seller, or real estate investor in Victoria, understanding this cycle can help you make smarter decisions and avoid costly mistakes.
Let's walk through a real scenario. A gorgeous townhouse lists in Victoria's Core at $899,000 with excellent photos and a prime neighborhood. The first few weeks generate about 20 showings. Buyers like it, but nobody commits. "Let's think about it," they say. "Let's see a few more places first."
Weeks turn into months. The buzz dies down. Showings slow to a trickle. Sellers start panicking—What's wrong with our house? Nothing, actually. The house is exactly the same as it was on day one.
Then it happens: one offer comes in.
Within 24 hours, your listing agent must notify every real estate agent who showed the property, every unrepresented buyer who viewed it, and anyone registered for updates. It's not optional—it's mandated by the Victoria Real Estate Board regulations and the rules of cooperation in the realtor code.
Suddenly, the phone rings. Buyers who saw the property months ago and put it on the back burner are calling back. Others want to view it again immediately. Another buyer submits a competing offer. By the next day, that property has two, maybe three offers. It sells for over asking price.
So why does one offer trigger a avalanche of buyer interest? It's not because the house changed—it's because human behavior changed. Here are the four psychological triggers at play:
People hate losing something far more than they enjoy gaining it. When the townhouse was just sitting on the market, it felt available and non-urgent. But the moment someone else wants it, buyers mentally reframe it as something they could lose. That shift triggers an emotional response that rational thought can't override.
When nobody wanted the property, some buyers may have wondered: Is something wrong with it? But once another buyer submits an offer, social proof kicks in. If someone else thinks it's worth buying, it must be worth buying. The property's perceived value instantly increases—not because of its features, but because of external validation.
When there's unlimited time and no competition, there's no urgency. But when competition appears, scarcity becomes real. Buyers start asking themselves: What if this really is the one? What if I miss it? Fear of missing out (FOMO) becomes a powerful motivator, often overriding financial prudence.
We follow the crowd. It's not logical—it's human nature. When we see others making moves, we instinctively follow, whether it makes sense or not.
Even as a real estate agent with over a decade of experience, I'm still surprised when this happens, because nothing has actually changed about the property. Same price. Same condition. Same everything. The only variable that changed was someone else wanting it.
The disclosure rules exist to keep the real estate market fair and transparent, but they inadvertently amplify this buying frenzy.
When an offer is submitted, your listing agent must immediately notify:
If multiple offers are received, a formal Disclosure of Multiple Offers Presented form must be completed. This form lists every offer received, the brokerage it came from, and the date. The seller signs it to confirm all offers were presented to them, and the listing agent provides it back to all offering buyers within 24 hours.
These regulations changed across British Columbia around 2023, with all real estate boards implementing similar rules. This creates transparency and ensures there are no hidden, phantom, or fake offers—a protection for all parties involved.
However, there's an irony here: the very transparency designed to keep things fair actually creates bidding wars on homes that nobody wanted yesterday. By revealing that other offers exist, the disclosure rule inadvertently triggers all those psychological responses we discussed.
If you love a house and it fits your budget, don't wait for other buyers to validate your choice. Days on market doesn't automatically mean something is wrong. Sometimes it's just timing. Sometimes it's life.
Here's the hard truth: if you end up in a bidding war on a home that sat for months, you had a window to buy it stress-free without competition, and you missed it.
The best strategy:
Sometimes it really does take one offer to spark momentum on a property. The notification requirement works in your favor—when that first offer comes in, the ripple effect can be powerful.
However, if it's been six months with zero bites, no showings, and not even lowball offers, it's time to reassess your strategy. Consider:
I've seen this cycle play out countless times over my 10+ years in real estate—whether in a slow market, a hot market, or anything in between. It's remarkably predictable.
A property that nobody wanted yesterday becomes the home everybody wants the moment somebody decides to make a move.
Don't assume a stale listing means a bad house. Don't let FOMO drive your decisions. Understand the disclosure rules that real estate agents are required to follow—and recognize that while they create transparency, they also create psychological conditions that lead to bidding wars and overpayment.
It's not logical. But it's human nature.
Share your story in the comments below. I'd love to hear about times you've witnessed the multiple offers phenomenon—whether as a buyer, seller, or agent.
For more insights into the Victoria real estate market, subscribe to my channel and stay updated on real estate strategies that actually work.
Dustin Miller is the managing broker of 8X Real Estate. When he's not on the road, he is on his computer looking at real estate. You can often find Dustin at his office enjoying a bowl of won-ton soup.
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