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Second Place is Last Place, Elk Grove Jan. 2021 Real Estate Update
Elk Grove, January 2021
Buyers
     The market in Elk Grove is very difficult for home buyers.  You get a hint of how hard it is when you look at the numbers.  Prices are way up year over year.  Few homes are on the market and, when the few houses available hit the market, they are in contract very quickly.  Here is what we are facing day to day.  A house comes on the market.  My very well qualified client puts an offer in way over the highest recent sales and offers to pay all costs in the contract (traditionally, the seller pays most of the fees with a split of escrow and title costs).  My client also offers to shorten every contingency period.  If the appraisal would have come in low, my client agrees, in writing, to pay a hefty amount over appraised value.  And yes, in writing, I agree to cut my commission.  This is a win-win-win solution for the seller.  What did that offer get my client?  Second place out of 27 offers.  In real estate, second place is last place.  There is no consolation prize.  It is tough to call a wonderful, qualified buyer and tell them, "Sorry, we ... more

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