SSF Real Estate becoming a competitive sport…
Get on your boxing gloves and jump in the ring, but don’t wait for the bell to ring or you’ll be knocked out of the competition. In the past few weeks homes in SSF have been flying off the market. I have been working with first time home buyers for about a month now that desperately want to purchase a home in SSF. They are solid buyers that have excellent credit and a good down payment, however they keep getting beat out on properties by all cash offers. The two most recent homes they bid on had a tremendous amount of activity. One had 18 offers and the other had multiple offers within a few hours of the property being on the market. My clients and I wrote that offer at the property while the listing agent was installing the lockbox! Both properties received all cash offers. My clients came in with the highest price on one, but lost it due to the all cash offer. A difference in price means nothing when someone has waived all contingencies and can close escrow in 10 days. Although my clients have a few bumps and bruises, they are staying positive as we continue to be proactive by putting their best foot forward with every offer I write for them.
On a positive note, this is great news for the housing market in SSF. Inventory is becoming scarce and homes seem to be selling with fewer days on the market. These are all signs of a healthy market and I can’t wait to see how the rest of 2009 unveils.
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8 Responses to “SSF Real Estate becoming a competitive sport…”
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I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.
That’s WILD! With the prices down like they are, I’ve noticed a lot of competition as well! What I’ve been advising buyers is don’t try to negotiate a deal on something that’s already a deal!
Nicole,
Thanks for the update.
The market is changing minute by minute and your
report is very encouraging!
Brian
The entry market is really heating up and buyers need to move faster than they have become accostumed to!
Larry
Hi Nicole,
From my perspective that is a wonderful story, albeit your clients still haven’t ‘WON’ their house. Larry is right, it really is important for the first time homebuyers to have all their ducks in a row inorder to compete on a timely basis. I love the title. Well done!
Jonathan
Nicole, thanks for the updates on the market in South SF. I’m finding this type of multiple offer situation to be true in other areas as well, such as in Daly City. On the last transaction I closed, there were 9 offers on one home within three days of listing! My clients learned how it impt it is to have all their “ducks in a row” so that they could be ready to submit their best offer as soon as possible.
Thanks Susan, its always nice to get good feedback from new readers.
Great Post Nicole,
I have also experienced multiple offers with the clients that I am working with. It is very important to have everything in order to increase your chances of getting their offer accepted and having a smooth transaction. I’m glad your out there Fighting for your clients. Keep up the great work.