If you are following the Real Estate Market than its not necessarily news that depending on the property and price range, multiple offers are part of the market. Vastly reduced prices on Short Sales and Bank Owned ( REO ) are the leading reason for multiple offers.
However just a few days ago I called clients on a new listing that came on the market and I set up the showing. Great house great location and priced well north of one million dollars. My clients thought that the home had many of the qualities that they where looking for and decided to write an offer.
I notified the listing agent who informed me that there was serious interest from several parties. Armed with this information the clients and I got together and talked about an offering strategy. My input was requested and I recommended FULL price and ALL cash. The buyers went with my recommendation and understood that there would be competition.
The offer was presented on the second day the home was on the market. A total of FIVE offers where presented with several above asking and several all cash. Multiple offers in this price range is not a shock to me as the property was well priced but I must admit I was a little taken aback when informed of FIVE offers. You would think with all the inventory on the market how did that many buyers converge on this same home? If you are a seller of one of these homes you are probably thinking the same thing.
In a past post I wrote Santa Rosa Luxury Homes about other homes receiving multiple offers, that buyers where active, and understood fully the great values today in the market. If you are a buyer today in the high end market don’t be surprised if you run into competition. The buyers called me back yesterday and wanted to see a home at a higher price range that was on the market at the begining of the year, it had come off the market and back on.
It was a beautiful storming wet day, the sellers where kind enough to let us in and the listing agent met us at the home. Prior to the showing we where told that the sellers where in negotiations with a prospective buyer.
If the multiple offers continue and many homes come off the market for the holidays, we could be looking at sellers demanding more for their homes in the spring. If you are a seller and have a home with views, room for an art studio and an outside living space easily accessible from the home without stairs I have the buyers. Prefer newer and in the Santa Rosa city limits. Price range up to 2 million. My cell 707-695-8811