Has The Market Already Changed? I Think So!
I have been working with some clients for the past few weeks. They have been pre-approved for a loan and we have been looking at many homes in hopes of finding them what they are looking for. We find a nice house in Pacifica, they write an offer that is over the listed price. I heard back from the listing agent today, informing me that there have been 20+ offers some of them coming in at about $100,000 over the listed price. When I notified my clients about what I had found out, they were surprised to hear the offers went up as high as they did. Prior to writing their offer I sat down with them and showed them what the homes have been selling for in the past three months, so they would have an idea of what to offer. Being the type of clients that like to do their own research as well, they pointed out a house to me that was very similar and only about two blocks away. That particular home sold for $425,000 back in February of this year, far below the highest offers for the home they liked.
What I have been experiencing is a large amount of buyers have come out and are not only looking at homes, but are also writing good offers to get the home they like. I have personally seen quite a change in the market from only the beginning of this year to now. I do anticipate this trend to continue and for some, seeing is believing.
What do you think and what have you been experiencing?
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4 Responses to “Has The Market Already Changed? I Think So!”
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Great observation, Adam, and I have also seen and heard of increased activity. Certain segments of the market are experiencing more than others, as is usually the case.
Brian
I think you are right on the money…I’m experiencing the same thing with clients trying to break in at the entry price range. Even if our clients don’t want to accept this new market, it doesn’t mean that loads of other buyers haven’t fully embraced it and are out there looking.
Hi Adam
Location, Location, Location, the market is motivated by Location, and now we have affordabilty, low interest rates, and a bit of pent of demand. Add the purchaser who understands that timing the bottom is impossible, and you get what is happening in the market place.
one last little piece is the slowing of inventory on the market. That piece needs to be watched as inventory may increase a bit. frankly that would be helpful, not harmful
There is a tremendous amount of activity in that price range.
Larry