Anyone trying to buy a home in Mountain View right now knows that it is tough out there. There are many more buyers than sellers and many Mountain View homes sell with multiple offers
way over list price. Some homes go as much as 30% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Mountain View condo multiple offer situation
and not overpay?
The answer is not simple, and sometimes it is not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.
But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Mountain View home in a multiple offer
1. In my opinion the most important thing is, how much is this home worth to you? In other words, what price would you offer so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.
2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers
and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variables, and the market is a moving target, but a good Mountain View real estate agent
should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.
3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers
as possible on their Mountain View listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers
, or accept the the first best offer? Your agent should be able to give you insight into what other Mountain View real estate agents
like to do.