Did it just turn to a seller's market?
We put the property on the market at 12:35 pm. We have had 36 phone calls in the last two hours and the first offer just came in.
On Monday, the clients rushed to the home in the late afternoon because we "knew" it was going to go fast. We wrote the offer on the hood of the car with the light fading fast and my lap tops battery running low.
Nearly every listing or offer we have out there right now is involved in a "multiple counter offer" situation and buyer's are starting to feel the stress of loosing out on good homes if they don't act quickly.
It just turned on a dime it seems and I have to ponder....did it just turn to a seller's market?
Sure this is Southern California but perhaps you're feeling something else. But I'd like to get an idea of what you're experiencing and do you think this will turn back soon the other way.
Why the fluke? Is it here to stay.
Fair Housing and Equal Opportunity
Comments
Here in San Diego it is absolutely insane! If anything comes on the market that is not a short sale or an REO, it seems like it's in Pending Status within a day or two. Even if a decent REO comes on the market it seems like it gets multiple offers OVER the listing price in the first few days. It has become a nightmare for those of us working with buyers these days! Of course we are talking about properties anywhere from a 1BR Condo priced from about $65,000 to the newer homes in Eastlake and Otay Ranch that are foreclosures and are coming on the market in the low to upper $400s. It seems like similar homes were selling in the $300s just a month or two ago. The buyers are getting frustrated!!!