Multiple Offers in Mountain View Condos: How To Choose Offer Price

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Real Estate Agent with eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales B.R.E. 01191194
https://activerain.com/droplet/45yn

Mountain view condo multiple offers

Anyone trying to buy a condo in Moutain View right now knows that it is tough out there. There are many more buyers than sellers and many Mountain View condos sell with multiple offers way over list price. Some homes go as much as 30% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Mountain View condo multiple offer situation and not overpay? The good news is that as you can see from the above chart prices are not going as far over list price as earlier in the year, but it is still a challenge.

The answer is not simple, and sometimes it is not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.

But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Mountain View condo in a multiple offer situation,

1. In my opinion the most important thing is, how much is this condo worth to you? In other words, what price would you offer so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.

2. How is the asking price of this condo compared to market value? If the condo is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variable, and the market is a moving target, but a good Mountain View real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.

3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Mountain View listings? Does the agent over value a condo to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Mountain View real estate agents like to do.

In the end, the final offer price and terms will be your decision, but if you have a great Mountain View real estate agent he or she can help guide you through the murky waters of Mountain View condo multiple offers.

If you have any questions about buying or selling a condo in Mountain View please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty 

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

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Marcy Moyer eXp Realty of California  Specializing in Probate and Trust Sales, and Rental Investment Properties

 

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Rainmaker
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Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Marcy, it certainly can be tough for buyers in certain markets. You have given some helpful advice. I think the mindset of buyers need to change from getting a screaming deal to how much do you love this particular home for the long term, then act accordingly.

Oct 16, 2013 01:31 AM #1
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Marcy   I think you have to look at it as a home and how much you want the condo .How long will you be living there .What is the condition ? I think i am tending to agree with Kathy .  I am starting to see an upswing in Condos in my area. Perhaps a Condo Boom in the near future????

Oct 16, 2013 02:31 AM #2
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Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Marcy-Thanks for the interesting point of view. Condos are not big sellers here, so I'm happy to just get an offer that's reasonable.

Oct 30, 2013 05:39 AM #3
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Marcy Moyer

Probate, Trust, and Investment Specialist
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