SANTA CRUZ HOMES FOR SALE - MULTIPLE OFFERS BECOMING COMMONPLACE
Seems that the tides have started to change in the Santa Cruz real estate market. This year, 2012, we are seeing multiple offers on most well-priced Santa Cruz homes for sale. By multiple offers, I mean anywhere from 2 to 25!
So why are we seeing so many multiple offers on Santa Cruz homes for sale this year? There are a few reasons for this. One is that many of the Santa Cruz bank owned homes are being listed a low prices to induce multiple offers. Many banks are using this under pricing strategy to obtain multiple offers and sell the home quickly. This can be a great strategy for 'regular' sales too, not just bank owned homes.
When you price a home a bit under market value from the get go, what you do is create a buzz around your property and foster a sense that this is a great deal and a buyer will get their competitive juices flowing and many times bid up the home to well over the initial asking price. Also, when you have multiple offers you can have back up offers which helps keep the first buyer from trying to negotiate too much during escrow if they know others are ready to buy the home.
Another reason for all these multiple offers on Santa Cruz homes for sale this year is that there are many serious buyers in the marketplace looking to take advantage of low home prices and historically low interest rates. Many home buyers in Santa Cruz are finding that they can buy a home and pay about the same or maybe even less than they were paying in rent. Rents in Santa Cruz are high and they are not going down. For many, it really does make financial sense to buy a home instead of rent.
Check out this graph below that shows how many homes in California are receiving multiple offers:
If you have been waiting to sell your home for the market to turn, that time may be here. Contact me at 831.419.9345 or visit here to get an estimate of your homes value: What is my home Worth?
Looking to buy a home in Santa Cruz?, visit here to see Santa Cruz Homes for Sale!
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