Unbelievable Multiple offers on homes.

Susan in California · ‎06-02-2014

I receive flyers from a real estate broker in San Francisco regarding homes that have sold. This young broker is always fishing to see who is interested in selling, buying in the City.

Two modest but nice enough homes in the City recently sold way over asking with19 and 29 offers respectively.

My first thought: how horrible to be looking for a home to buy. what hearbreak--

not to mention the very high prices.

Two years ago, when our son and daughter- in- law were shopping for homes and

made an offer above asking that was not even acknowledged, their agent told them to not "fall in love" with any property. He advised to just keep making offrs and be happy with whatever you can get in your price range that you can stand.

In their case, they got lucky, my son wrote a long letter, etc. But that doesn't even work that often.

We have thought about moving into the City, but we can't afford it, let alone

could we stand to be part of such a tremendous group making offers.

Just hell.

The local newspaper showed photos of chartered buses with people from different regions of China traveling around in Palo Alto on Open House days

all prepared to make cash offers. This was over a year ago.

proudlyfromNJ · ‎05-01-2010

We also have a group trying to buy up the area. They are succeeding.

151949 · ‎03-09-2010

I suppose the sellers are happy about this.

In our plan 5 homes went up for sale this winter season. 2 sold and they both had to really cut their price. My DH & I looked at a model home for sale in a plan nearby - they have lowered their prices there $20,000 twice, down to $280,000 from $320,000.We'd like to jump on one but are a bit worried about selling our current place. In the 7 years we have lived in this plan , houses have sold within a few weeks at high prices, but something is holding buyers here back this year.

151949 · ‎03-09-2010

Op - are the buyers in your area buying these homes to live in or to resell.

Bridgegal · ‎03-09-2010

@151949 wrote:
I suppose the sellers are happy about this.
In our plan 5 homes went up for sale this winter season. 2 sold and they both had to really cut their price. My DH & I looked at a model home for sale in a plan nearby - they have lowered their prices there $20,000 twice, down to $280,000 from $320,000.We'd like to jump on one but are a bit worried about selling our current place. In the 7 years we have lived in this plan , houses have sold within a few weeks at high prices, but something is holding buyers here back this year.

I'm just curious, what is a 'plan'?

Snowpuppy · ‎03-09-2010

I see a lot of "aspirational pricing" where I'm at.

I live very rural in a well established development and the homes here don't go on the market often. I gasped when someone listed their home for 100k over what I would say is a good price.

It's like 2006 all over again and the realtors know it. If you're buying, sit tight if you can.

The second largest mortgage lender in Canada is breathing their last, too. Kinda like Countrwide.

Susan in California · ‎06-02-2014

@151949

That's a good question, the foreign money, according to the realtor is primarily from China, some from India, and then Russian. These purchases are definitely investments but family members often live in the homes.

There are many rentals, but it is tricky in SF. Tenants are very protected, so often very large cash settlements have to be made to get tenants to leave.

Big Sister · ‎05-15-2010

The story here in Orange County, CA is that there aren't enough homes for sale for the buyers that are out there looking.

Just today in our local paper the headline was if your income is $84,000 per year you are now considered "low income."

Rental apartments are going up each year and there aren't enough new builds to keep up with the demand from renters.

People can't afford to buy near their jobs. It's terrible.

I have to be grateful that my DH and I bought when we did.

AuntG · ‎03-09-2010

@Bridgegal, I take the word plan to mean 'in our development'. I really don't think @151949 has to worry that her home won't sell- they are going like hotcakes in most places and she takes good care of her home from what I read in her posts.

Shanus · ‎05-17-2010

@Susan in California. The housing market in central NC is also crazy!! Homes priced from $400,000 to $500,00 are sitting without sales for months or not at all. The lower priced homes in the $150,000 range sell immediately.

My son, living w/ us and working at his new job & house hunting is looking in the $250,000 price range...those are barely on the market a month.

We we have a few years to go before downsizing. Homes in our neighborhood have sold for over $850,000. That makes ours worth twice what we paid over 20 yrs. ago. I hope it continues until we sell and the bottom doesn't fall out of the market.