What happened to the market?? The houses that we could not give away, now have multiple offers. Over bidding , crazy offers, no appraisal contingencies seem to be the name of the game. Windemere is not the stand alone phenomena, everywhere you go it is the same story. Can anyone tell me what the hell changed?
I am an expert at writing atleast 10 offers a week for my buyers and only 5% of it sticks. My conscience and my sanity tells me to stop my buyers from over bidding on houses.The economy is still not on the mend, jobs are being lost and in the real estate market it seems like an uncontrollable wildfire. My listing on Allanmere drive got multiple offers, went pending and then I started to receive calls from agents to offer way more than asking.It won't appraise, my mind said, but hey I am not an authority on appraisals, am I ??? The appraisals too are all across the board...
In this market you need to be a cash heavy buyer if you want to be in play.FHA buyers are being kicked around like a soccer ball. Reason you may ask?? because of FHA guidelines and these buyers not having the cash resources to come into an ofer waiving appraisal contingencies- how do they even stand a chance? My two FHA buyers have now officially dropped out of the market after being rejected on every single offer for the last 8 months, and they even bid higher than asking !!!!!!!!
Market synopsis for San Ramon:
December 2009-
Days on Market (DOM) for the San Ramon area year to-date was around 67.
The median attached home price in San Ramon for December was $697,500.
As of the last day of December there were 48 active homes in San Ramon.
January 2010-Feb 2010-
As of today, there are only 64 detached homes for sale.
Days on market(DOM) is 34
Median sales price range is $ 739,000- $750,000
Average Sales price range is $786,819 to $796,061
At current selling rates this means there is approximately 1 month of inventory in San Ramon remaining.
(If you know of someone who has been waiting to sell, this maybe the best time to do so.Please contact me at 925-698-1815. If you know of someone who is going through financial difficulty and need to understand their options, please have them contact me for a private consultation.)
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Hi Rama - It does seem that the market is heating up. My sign guy was hours late in installing a sign on my newest listing, and when I called him to ask about it he was out of breath and said that he was swamped with new orders and would likely have to hire more people. Before I got the sign up I already had two showings and shortly after I had an offer. Seller wants to wait a day or so before accepting to make sure we don't get a better one. A different market for sure!