What happened to paying the listing price?

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Real Estate Agent with Millennium 3 Real Estate

I remember six or so months ago when you would take a look at a house and know that the price was high and you could underbid. Not so, not lately. I have noticed in the last few months that if you want a house-a nice house in a good neighborhood in Southern California you have to be ready to overbid and be ready to fight.

I have seen a lot more "One Day" sales where the selling agent shows the house for one day then makes a decision that night, the next or within the week. It's effective and you get an answer right away which is much better than waiting that ambigious four or five months, but it means you have to be prepared.

I always have suggested my clients get their pre-qualification letter but now, I suggest a pre-approval. When we see a house I do a comparative analysis so I know if the house is priced low. I want to prepare my clients so they know that even if they are willing to come in full price, they still may not get the house and if they really want the house they have to be willing to overbid.

So yes, it looks like a different marked. Have any of you experieced similiar situations.?

 

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Rainer
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Nila Patel
Century 21 M&M and Associates - Sunnyvale, CA
Professional Services...Excellent Results!!

I agree Josh...I have clients looking in San Jose area and we have so far put four offers over the price by about $5-10K and still we have not succeeded in locating a good home for them.  Market has definitely changed.  Unfortunately, we Realtors have no easy time.  We have to work very hard in both markets...first, when there is plenty of inventory, buyers take their time fussing over properties and now in multiple offer situation, we still need to keep showing more properties in hopes that our offer is accepted.

Nila Patel (408) 636-3806

Homesnloansbynila@gmail.com

Century 21 EC, Sunnyvale, CA

Oct 08, 2009 06:23 AM #1
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Rainer
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Josh Beckman

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