It's been a heck of a few weeks! Homes in good locations under $400K are getting multiple offers, and most are selling substantially above the asking price. Watch for exciting numbers to start hitting the news when these properties close escrow!
Buyers I meet at open houses are frustrated that they can't seem to buy a house! It's either a short sale (like watching grass grow) or an underpriced bank owned property (start the bidding war). There are darn few real sellers willing to sell into this market! Most are just staying put and waiting out the storm. So the reality is that buyers are having a heck of a time. They are making lots of offers that don't go through, and it's not because they are trying to lowball, it's because they are being outbid.
The investors are coming out, as well as boomers buying homes for their kids who haven't been able to afford anything until now. These savvy buyers are snapping up the best properties, offering all cash and closing in 14 days, music to the bank's ears. Imagine you're the bank - would you rather sell to a buyer like that or to the first time homebuyer using FHA 3% down financing that could take 60 days? What would you do if it were up to you? Right, and so would the bank. So you see why many buyers are frustrated.
And yet the news keeps printing the same old, same old. This morning I saw the big headline that home sales were down 1 percent in April. Keep reading to paragraph 5 to find out that sales were UP 6.4 percent in the West.
This house in Oceanside came on the market this week at $364,900. We offered $380K and were outbid. Sold in 5 days. Darndest buyer's market I've ever seen.
Carlsbad Real Estate | Oceanside Real Estate | Encinitas Real Estate | San Marcos Real Estate | Vista Real Estate
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