Multiple Offers in this Market?

February 17th, 2008

Contrary to what you might read in the San Francisco Chronicle some Oakland, California real estate listings are still generating multiple offers. Some are even selling substantially over their listing price.

Up until early 2006 aprox. 75% of the properties on the market were selling with more than one offer. Now days it’s more like 15%. The trophy homes in premier locations with all the goodies are the ones generating most of the excitement.

About 50% of todays listings are staying on the market around 45 days, getting a small price reduction and selling at or slightly under the reduced price. The remaining 35% of the listings will never sell because the Sellers have unrealistic expectations as to their properties value.

I’ve had a Seller tell me that their home was worth $120k more than what I said it should list at. When I asked them how they came to that conclusion they told me that the appraiser they used during their last refinance process brought in the value. Ouch! If they plan on pricing their home from the opinion of a refinance appraiser they are in for a rude marketplace awakening.

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