Our owner of Coldwell Banker Solano Pacific coined the word "Collective Market Conscience". This means that everyone else at the same time wants to buy the same house. Now most of you may say "multiple offers in this market?". And I say YES and YES again.
With the home prices being at the price point they are, buyers are starting to realize if they do not want to miss out they best put an offer in. Early in the year some buyers would not even look at any new homes coming on the market. They just thought to wait it out. Thinking the price will come down, kind of like letting them "season"!
What is happening in today's market, the homes coming up for sale are past the "seasoning" stage and many are priced to sell NOW.
For example, I had a condo in Vallejo for $60,000, and it was move in ready. Delightful little place and at the same time, BOOM, collective market conscience, three buyers were ready to buy.
As a local Realtor who lists bank owned homes, short sales and yes even conventional sellers, I am having multiple offers appear before me. Enough to make me truly believe in "Collective Market Conscience" or CMC.
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Melanie - We are seeing the same thing in Fullerton. The inventory is very low and with all the short sales and over priced homes on the market, when a good one comes up, it is gone. I try to tell my first time buyers that they need to jump but with so many cash buyers and their "cold feet" at times I feel like they might miss out. :o(