The article blow is definately applies San Diego. I am writing multiple offers for buyers who keep getting out bid on properties. This can be extremely frustrating for them. Many buyers are confused by this, they hear all the doom and gloom in the news and think they can submit lower than the asking price offers. The reality is that many of the bank owned properties list the home very low, knowing they will attract multiple offer and the property will sell for over the list price. There is definate competition for the starter price range homes. Buyers need to know what other properties in the area are selling for and take that into consideration when they submit their offer.
The good new is, this is definately a sign that the market is improving!
Daily Real Estate News | May 7, 2009 | Share
Julie Holt of Tarpon Springs, Fla.-based Anclote Title Services says 10 percent of the homes for sale are generating more than one bid.
Experts say markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
"If a house is in a good neighborhood, is maintained and is a good value, it'll get multiple offers," says Holt.
Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
"When you begin to see people willing to fight for a property, that's a good sign," says Beth Peerce, treasurer of the CALIFORNIA ASSOCIATION OF REALTORS®. "We are beginning to see the beginning of the end of a disaster time."
Source: USA Today, Julie Schmit (5/6/09)
© Copyright 2009 Information Inc.
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