Multiple offers rampant & FRUSTRATING.
Multiple offers rampant & FRUSTRATING.
By cid4houses
As a REALTOR® for the past 10 years can tell you, I am only too happy to have listings right now. Although, recently, I have been also working diligently with some serious buyers that have been looking for a home in Daly City. These patient people have, since March 6th, written three offers, all for over the asking price, and still have not been successful in getting a property into escrow.
The first property they saw was the one they ultimately wanted to write on, but after turning in the offer and waiting with crossed fingers, we learned that sadly out of 12 offers we came in twelfth. Darn!
The last weekend before Easter they wrote two at once. One, it was later learned, had 51 offers . It was a nothing special 50+ year old home in Westlake with three bedrooms only one bath and was a mere 1,040 square feet. The agent said it went between the $750-800K range, and the sad part is, it was listed at $599,000.
Think about it, 51 agents and their clients submitted offers, and only 1 was successful. The other 50 agents and 50 clients are still out the competing in the pool of paltry inventory!
It reminds me of the 1999 era when I had a "dot-com" headache trying to find an affordable home in San Francisco for Ted Silverman http://worldwideted.com .
He and wife Krissie had just had their son Stuart, and they met me at my office carrying him in a small "arm-basket style" seat. By the time we had written 13 offers he was a toddler learning to stand up by holding onto the coffee table that I wrote my offer on. They found a home in the Excelsior district of San Francisco for $282K, which is of course worth easily $650-700K. Although a struggle to find and buy, their struggle has paid off.
In today's current state of the market, I hope to find my current buyers a home before their kids leave for college!
~Cid Young
By cid4houses
As a REALTOR® for the past 10 years can tell you, I am only too happy to have listings right now. Although, recently, I have been also working diligently with some serious buyers that have been looking for a home in Daly City. These patient people have, since March 6th, written three offers, all for over the asking price, and still have not been successful in getting a property into escrow.
The first property they saw was the one they ultimately wanted to write on, but after turning in the offer and waiting with crossed fingers, we learned that sadly out of 12 offers we came in twelfth. Darn!
The last weekend before Easter they wrote two at once. One, it was later learned, had 51 offers . It was a nothing special 50+ year old home in Westlake with three bedrooms only one bath and was a mere 1,040 square feet. The agent said it went between the $750-800K range, and the sad part is, it was listed at $599,000.
Think about it, 51 agents and their clients submitted offers, and only 1 was successful. The other 50 agents and 50 clients are still out the competing in the pool of paltry inventory!
It reminds me of the 1999 era when I had a "dot-com" headache trying to find an affordable home in San Francisco for Ted Silverman http://worldwideted.com .
He and wife Krissie had just had their son Stuart, and they met me at my office carrying him in a small "arm-basket style" seat. By the time we had written 13 offers he was a toddler learning to stand up by holding onto the coffee table that I wrote my offer on. They found a home in the Excelsior district of San Francisco for $282K, which is of course worth easily $650-700K. Although a struggle to find and buy, their struggle has paid off.
In today's current state of the market, I hope to find my current buyers a home before their kids leave for college!
~Cid Young
posted by Cid Young at 11:28 AM
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