Scenario: It's Friday and a Buyer wants to submit an offer on a house just listed that same day. The listing states "Offers due by Sunday at 5". The agent says "Well, let's get ours out there and maybe they'll snag it before Monday."
WRONG! THAT IS NOT WHAT IS HAPPENING TO YOUR OFFER!!!
If that Listing states 5 PM on Sunday, that means they want to bring as many people in to torture as possible. If you submit on the 1st day, your offer has now played right into their hands and you just got beat! So now that you just gave the Sellers ammo to play with, let's look at another possible outcome.
Think about this for a minute....if you purchase a place at this time for $40K over and have to bring $20K on top of your down payment at a low rate, this means that if in the future another pandemic or major changing life event happens and you can't pay the mortgage, you won't be able to refi because your rate will be higher (when the rates increase) and that increases your monthly payment. So now, you can't afford the payment you have. You can't refinance. You are now forced to sell that house that you can't sell for what you bought it for because the bubble popped due to all these buyers falling into the trap.
Now what? What's your choice?
I can tell ya one thing...if you have submitted offer after offer with constant rejection, you need a different agent who will stop wasting your time. If you're submitting those offers on the 1st day of a 3 day span, you have just set the bar for the entire rest of the buyers to beat.
Need I say more?
Any questions?