The real estate market is so hot in Cupertino that an open house this weekend had almost 400 visitors. That's right, almost 400 visitors! The parking was so bad that people had to walk from the next block just to get to the house. It was completely packed for over 3 hours each day. Does that sound like a buyer's market? NO! It's a seller's market.
From that crowd the house in question had over 30 offers. Guess what, that's not the first house and it won't be the last. The offers that are coming in on homes like this are all going well beyond the asking prices. The reason for this much interest, in this house particularly, is that there is almost no inventory. In the Cupertino market there are easily over 100 buyers for nearly any house. Getting them sold at the highest price is merely a matter of effective marketing and representation.
As a buyer, you need to be prepared to act fast and stay focused. You may have minutes to make a decision. I can help you with that decision by telling you what you need to do to win. The buyers who are winning these homes are generally:
- Well financed or all-cash
- No contingencies
- As-is purchase
- 30 days or less to close (cash in 10 days)
- Very strong price
The biggest one is price. I understand that buying a home is expensive and you want to save as much as possible. However, a good agent knows how well homes are selling and the prices they're selling for. When you're given advice on what to offer - take it! The Cupertino market is so strong that a nice home in a good location with the best schools will command at least 10% over the asking price and often times close to 20% over the asking price. If you want to buy, you have to be prepared for this when writing an offer.
The amount of inventory for Cupertino homes priced under $1 million is extremely low. Those are the homes getting the most attention. My suggestion for buyers is to see the home as soon as it comes on the market and be prepared to write an offer by the end of the first weekend. The few homes that have not sold are overpriced and represent excellent opportunities for the savvy buyer. Call me and I can guide you on which homes offer the best potential.