Surprise! Only one offer!

In our crazy seller's market, it was practically a given that listings will receive multiple offers. Of course, it depends on the pricing strategy. Overprice, and the listing may be bypassed, or offers will be at less than list price. Underprice, and one may expect multiple offers.

I found a listing in Montclair (Oakland CA) that showed well, was staged, and even priced a tad lower than what I thought it should be.

An offer date ----a date to submit offers to buy the property --- was set by the listing agent and seller, at the explicit direction of the seller who may refuse to look at any offers until that time. This is quite common in our area where we have a seller's market.

When it was a buyer's market, we didn't see offer dates.

And on offer date,  I received an email from the listing agent asking if I was going to write an offer. A day later, I received a call. Although there was no evident panic in her voice, there was a slight tinge of anxiety. I asked her why she was following up. Didn't she receive an offer? She said “Yes, but...”

Turns out she received only one offer, and it wasn't what they expected (i.e., not over list price).

Surprised? Yes, she was. And so was her seller who expected a deluge of offers.

Sellers expect more, higher….

From our office, some agents wrote offers right at list price. But sellers turned down their offers. Sellers' expected multiple offers at over list price, and would not entertain any offers otherwise. Which begs the question: why not list the property at the price you expect/want?

Is it coming to this? Sellers are so excited about multiple offers and rising prices that they expect no less?

What happens if they don’t get what they want? I see price reduction in the future…..

Agents/Buyers don't want to write offers when....

On the other hand, listing agents are reporting that buyers' agents are backing off from writing offers once they hear that multiple disclosure packages have been distributed, or when they hear there are multiple offers. Heck, that shouldn't stop them from writing offers. Who knows? Theirs might be the best and highest.

But to NOT write an offer because they don’t think they have a chance?

READ:

Set an offer date, or not?

Should you set an offer date for your home for sale?

Why overpriced homes are worth a second look

Real estate bust yields sellers market

It’s a seller’s market in zip code 94611: Oakland and Piedmont CA

East of San Francisco, a short drive on the Bay Bridge, one will delight at finding cities that offer many amenities for homeowners. Oakland and Piedmont CA share zip code 94611 that is sought-after by buyers for several reasons.

Piedmont is one of the premier cities much-desired due to high academic performance indices, historical significance, architectural diversity and proximity to amenities that large hubs like San Francisco offer.

The Montclair area is part of Oakland that shares this zip code, noted for the same features, although homes in Montclair appear to be less expensive than in Piedmont.

Although both areas may have experienced a slight dip in home prices from the height of the market in the mid-2000s, the market appears to be rebounding. A view of recent activity for detached single homes since January 1, 2012 shows that sold properties were on the market for for an average of 50 days, while pending properties were on the market for an average of 28 days before going into contract.  When properties are on the market 3-6 months, this suggests a seller market.

InvestorWords.com define a seller’s market as

A market which has more buyers than sellers. High prices result from this excess of demand over supply.

As of this writing, April 21, 2012:

• Among the active listings, the lowest list price is $375,000 for a 3 bedroom/2 bath house on the Piedmont border, and the highest is $5,150,000 for a historic 8 bedroom/6 plus baths, 8328 sq ft mansion
• The lowest sold price is $148,000 for a 796 sq ft fixer, and the highest  is for a house with bay views,  4 BR/4 BA with 4600 sq ft, that sold for $2,760,000 after only nine days on the market
• Pending sales show the lowest priced home is a short sale  with 2 bedrooms/1 bath and 805 sq ft at $199,000. The highest pending sale has 7 bedrooms/7 plus baths, 9336 sq ft in Piedmont, listed at $6,920,000, and pending after 94 days on the market.

Why attending sales meeting is important.

This year was filled with priorities that made attending sales meeting nearly a nice-thing-to-do-but-it-won’t-hurt-not-to-go.

After back-to-back challenges in both my business and personal life, I made it a point to attend today. And am I glad I did. One of our guest speakers  introduced a few  features of the Paragon 5 beta version for our local MLS, EBRDI (East Bay Regional Data Inc).  It's almost like Christmas came a few days early.

There were several new features I didn’t even know the new system could do. I felt like a kid in a candy store who can’t decide which one to try first. Granted that checking out the announcements in our MLS would alert us to such improvements, but there’s nothing more helpful than actual demonstrations.

CLOUD CMA

Cloud CMA is a web-based dynamic report generator that blends property data and photos from the MLS combined with information from top websites such as: google maps, walkscore, education.com, and more! We can generate custom reports quickly and easily including: a Comparative Market Analysis (CMA), Buyer Tour, Property Reports, and even custom Flyers. Better still, we  can personalize and brand toward our Cloud CMA reports.

M.O.R.E.

MORE is (Multiple Organization Reciprocal Exchange) one central place to search listings from Paragon and our Partner MLS’s (MLSListings, MetroList, BAREIS and the San Francisco.). Key MORE 2.0 features include:

• Map Centric Searching. Interested in only one section of the city? Set your search parameters (mark where to start, what to include, where to end)
  

• Full Property reports including Tax Records (also show which ones have received Notices of Default, and whether some of them are already listed)
  

• Listings from all 22 Bay Area Counties

PHOTOS

We can upload as many as 30 photos, and enjoy labeling options to highlight listing photos. These labels & descriptions are attached to the photos themselves, independent of the "remarks" section, and can be viewed in the picture gallery or under the pictures on any report. The most common views, such as "Master Bath," will be available from both a selectable list and auto-complete feature. We can enter a custom description of up to 100 characters long for those unique photos and property features.

PREPARING MY NEW YEARS’ RESOLUTION

It was so easy to get out of a habit. Although I am no longer participating in Brian Buffini events. I still believe in many of the basic principles he encourages people to do, especially writing personal notes and calling clients and associates.  From time to time, invite people for coffee, lunch, just to catch up (and make sure I am still top of mind as the REALTOR whey should call for real estate matters, or one they will refer to their friends and relatives).

Do this on a regular basis and it becomes like a form of exercise for my brain, for my business. I will definitely add this to my business plan for the upcoming year.

Sign the Petition to Save Blair Park/Moraga Canyon

The city of Piedmont along with other organizations has planned an Arbor Day celebration where they will plant a single tree. At the same time, the cities government plans to demolish more than 100 trees as part of the Blair Park project. Huh?  I've seen the yard sign but never realized this gorgeous parcel of land I drive by was called Moraga Canyon/Blair Park. That is, until I went to the Friends of Moraga Canyon website and found out more.

The Blair Park project which begins in the city of Oakland and passes through several blocks of Piedmont is located along Moraga Avenue between Highway 13 and Pleasant Valley Road.  It is a road many of us pass through at least a few times a week and when I drive with clients I'm frequently asked, "Is this Oakland?"  It's scenic, beautiful, and about to change. The proposed development? A sports complex.

Please consider signing the petition or if you can, please donate to the cause.

Once you watch the video showing the size of the story poles in place, you'll really get an idea of the impact this will have on the area. There are over 800 people who have already taken action.

Montclair Organized Neighborhoods

Mayor Jean Quan's newsletter is a great way to keep your finger on the pulse of what's happening in Oakland. Filled with info on local happenings, city programs, Oakland events, and news, it's bound to have something you relate to or that sparks your interest. You can sign up to receive the newsletter here.

This week's newsletter featured several interesting spots focusing on neighborhood improvement, including information about the Montclair Organized Neighborhoods. If you live in Montclair and want to know more about organizing a block group, consider attending the MONs meeting on Thursday, February 24, 6:30-9 pm (location to be determined.) Montclair Organized Neighborhoods (MONs) is a coalition of leaders of Neighborhood Alert and CORE groups in Beat 13z (MSIC) and provides support to those interested in starting a new group on their block. For details, contact Doug Mosher.

Block groups are a great way to get to know your neighbors, and there are other benefits as well: emergency preparedness, crime prevention, beautification, and traffic and pedestrian safety are just a few of the topics that can be discussed with a block group. And there's also block garage sales, holiday parties, and support groups that can come from an organized neighborhood association as well.

In this modern age, how nice would it be to walk down your block and say hello to your neighbor's by name?

Another way to be involved in your community is the city of Oakland's Adopt-A-Spot program. Mayor Quan's newsletter spotlights Robin Jones, an Oakland resident who has adopted part of Seminary Avenue near her home. Robin was inspired to act after growing tired of finding trash on the street while walking her dog, Elvis. Through the Public Works' program, which provides gloves, safety vests, and garbage pick-up, Robin now spends a few hours a month picking up trash, taking care of her neighborhood, and giving back to her community.

If you need a hand getting to know your neighborhood, I'll send you a map of Oakland to help you get started!