Thanks to everyone for their very insightful comments. They were very helpful.

An interesting note. We decided to look a second time at one of the houses in FBR that has been on the market for a very long time (140+ days) and had only had one offer prior to us reviewing it. When we contacted seller’s agent, she indicated that there were two offers that had just come in that day, but would show it to us anwyay. Amazing coincedence.

I immediately told my agent to pull that house from our list and indicate to seller’s agent we were not interested in it any more and move on. If what seller’s agent said is true, which is somewhat suspect, there is no need for us to get into a bidding war in this market anyway. Interesting coincidence though.