Right now, the story in San Francisco East Bay Real Estate is lack of supply. I have a lot of buyers right now and we have been very active trying to get a home and guess what? Multiple offers, way over asking. No bueno!
Multiple offers? Yes. Some have had as many as 20 offers on them. My listings have all had multiple offers, thankfully not more than 15, but multiple.
This just in from the California Association of Realtors:
Last week, C.A.R. leadership met with federal housing regulators and California’s Congressional Delegation in Washington, D.C., to discuss the Federal Housing Finance Agency’s (FHFA) bulk sale REO pilot program.
Leadership expressed C.A.R.’s strong opposition to the pilot program given the low inventory of homes for sale across California. According to C.A.R. statistics and discussions with California REALTORS®, the state is facing a shortage of available housing, and the lack of inventory has forced many buyers to face multiple offers across the state.
Although the pilot program calls for Los Angeles and Riverside counties to be included, federal regulators have stated they do not believe that properties that would sell for a higher price through the current REO broker network should be included in the bulk sales program.
Because many REO listings are selling for near or above listing price with multiple bids, C.A.R. hopes the FHFA will refrain from implementing the pilot program in California.
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