Special offer

How Much to Offer For A Condo in Mountain View Ca With Multiple Offers

By
Real Estate Agent with eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales B.R.E. 01191194

Mountain View condos multiple offers

Anyone trying to buy a condo in Mountain View right now knows that it is tough out there. There are many more buyers than sellers and many Mountain View Condos sell with multiple offers way over list price. Some homes go as much as 30% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Mountain View condo multiple offer situation and not overpay?
The answer is not simple, and sometimes it is not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.
 
But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Mountain View condo in a multiple offer situation,
1. In my opinion the most important thing is, how much is this home worth to you? In other words, what price would you offer so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.
2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variables, and the market is a moving target, but a good Mountain View real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.
3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Mountain View listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Mountain View real estate agents like to do.
 
In the end, the final offer price and terms will be your decision, but if you have a great Mountain View real estate agent he or she can help guide you through the murky waters of Mountain View multiple offers.
If you have any questions about buying or selling a home in Mountain View please feel free to contact me.
If you would like to search for homes for sale in Mountain click here.
 
Marcy Moyer
marcy@marcymoyer.com
Ca B.R.E. 01191194
650-619-9285
Posted by

Marcy Moyer eXp Realty of California  Specializing in Probate and Trust Sales, and Rental Investment Properties

 

Comments (4)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

"Multiple offers" may not mean much.  Once the number is limited to those with fully prepared written Contract of Sale and addenda, the number is often reduced significantly.

Sep 02, 2014 09:28 PM
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

Lenn, you are so right. Talk is cheap. We do not count an offer as an offer unless it is in writing in a fully signed contract, with proof of funds, loan approval if applicable, and signed disclosures. the inventory is so low that still leaves over 95% of all homes in Santa Clara County being sold with multiple offers.

Sep 02, 2014 10:09 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Marcy.  Letter of Intent is O.K. with commercial property, but residential needs the addenda and details.

Sep 02, 2014 10:33 PM
David Saks
Memphis, TN
Broker / Industry Analyst

Another fine post with lots of great information. Have a terrific day ahead.

Sep 03, 2014 07:07 PM