Multiples in this Market?

In the current Washington area market, despite all of the talk of recessions and "price reduced" signs in every neighborhood we are still seeing the occasional instance of multiple offers. These are not the multiples of 2005 when buyers had to go 10% over asking to even be considered in a bidding war.

Recently a property listed at $525,000 had 5 offers. FIVE OFFERS. However, only one of these offers was at the asking price, the rest of them were under asking with escalation clauses bringing them to the $525,000 asking price. The lesson to buyers here: don't be afraid of "competing" in a multiple offer situation. Having competition doesn't mean that you will need to bid way over asking price.