From our Coldwell Banker president:
Berkeley/East Bay offices report that we were inundated with multiple offers this week and large turnouts at open houses. 75% of our deals this week saw multiple offers, any number from 2-8 on seller owned and 12-18 on bank owned. Cash is still king on many deals because of increasing anxiety about appraisals.
Castro Valley: we are seeing cash offers everywhere and one agent reports that she has been outbid from the last five offers she has written by all cash deals. The number of multiples in the low range markets has been in the range of 10-60 offers, to give you an idea as to the inventory shortage we are facing here in our micromarket. Agents are waiting for banks to release more REOs. One thing is certain, we are definitely a recovering market.
The Danville office reported the activity level is good but we need more inventory. Lots of buyers are jumping off the fence.
In Fremont the listing inventory is reducing.
The Livermore office reports: Our pending sales are up in the office and the overall market in the Tri-Valley area remains strong. Multiple offers are still the rage below $500,000.
The Pleasanton office reports homes under $450K are moving very fast with multiple offers.
2 comments:
BS, this is being exaggerated by a realtor to drum up business.
I appreciate your response. Although it's not happy news for many buyers in this price range, it is not surprising information for those actively involved in the market. The above report from our Coldwell Banker president directly reflects the experience I'm having with buyers in Berkeley right now, so I posted it because I considered it noteworthy. The last three offers I've written were for properties where there were more than 10 competing offers each time.
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