I wrote an offer on a home the other day that ended up having 18 offers - 18 offers! Bayside recently had a listing in Harbor Bay that got 17 offers. These are happening on only a handful of properties, but for the desirable homes this is a new trend. This new development in the market happened quickly and is still a bit of a surprise. My feeling is that the current low inventory combined with low interest rates has created a pent up demand. I believe many people were sitting out the market, waiting for the bottom or just not highly motivated. As the market normalizes on inventory and there are more homes available I would expect the frenzy on certain homes to die down. Buyers will simply have more choices. There is never any way to predict with certainty what will happen in the future.
Here is a few fast facts about our market here in Alameda.
54 Current number of active listings; A more normal market would be 100-120
25 Percentage of current active listings that are distressed properties.
9 Number of current active listings that are REO or foreclosures.
5 Number of current active listings that are short sales.
132 Current number of pending listings.
51 Percentage of current pending listings that are distressed properties.
17 Number of homes that are pending that are REO or foreclosures.
51 Number of homes that are pending that are short sales.
53 Average days on market for current pending listings.
49 Number of homes that went pending in 14 days or less.
Now to put it in context.
If your a buyer and your are competing for properties get your ducks in a row. Get pre-approved, get out and look at homes, read pest reports, keep on eye on the market. That's something I help you with. Give me a call and let me give you my take on your target market.
If your a seller; make sure your house looks great. Get a pest and a home inspection. Guaranteed you will save more than you spend on the reports. Give me a call and let me help you line it all up.
Now to put it in context.
If your a buyer and your are competing for properties get your ducks in a row. Get pre-approved, get out and look at homes, read pest reports, keep on eye on the market. That's something I help you with. Give me a call and let me give you my take on your target market.
If your a seller; make sure your house looks great. Get a pest and a home inspection. Guaranteed you will save more than you spend on the reports. Give me a call and let me help you line it all up.
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