Property Q&A in Novato>Question Details

sorenalsina, Other/Just Looking in Novato, CA

Are there currently any bids on this property?

Asked by sorenalsina, Novato, CA Sun Sep 23, 2012

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This question is about this property: http://www.trulia.com/property/3093681098-677-Olive-Ave-Nova…

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4
Access to the MLS is easy. No, you don't need to know an agent or pay money. Greathomes dot org is very close to real time.

Now one word of caution. Nothing, not even sites claiming to be linked to the MLS is all that accurate. These source are manipulated all the time. That includes agent portal sites. Example: houses in Novato had increases in price and then went to short sale and sold far below the asking price before the short sale. The effect is that after the sale, one would think that the house sold for more than asking when the opposite was true.

This happens far more often that you think. Take all of this data with a chunk of salt, especially when checking on comparables.

Beware that right now, what is going on in Novato and the Bay Area in general is the same thing that went on before the housing market bubble crashed. Multiple offers quickly going far above asking. many of these buyers are investors picking up flippers. They buy and within weeks put it back on market after some minor "fixin". Many investors are also buying up homes for the rental market.

Recently, a house on Olive was offered at $245k I think. 17 offers and sold for $301k. Where did $301 come from? How did someone manage to hit that number? They should be going to Vegas. You guess how THAT happened. You have to wonder why they aren't winning the lotto.

Disclosure: I did not offer nor had any interest in that property.

There is a lot of irrational buying going on. Sure the inventory is low but that isn't because there are no houses, they are just a shortage of owners able to sell.

Then watch the houses dropping out of escrow. About 20%.

Don't forget some warning signs on houses that get flipped. Rarely is there a new roof and often they need one. Watch out for new stucco. While it is nice and if properly done can add value but it can also cover up some real nasty problems. once new stucco is applied, finding out what was underneath is almost impossible, until some time later when you end up with the problem.

When you see a house for a really good asking price, go look before it sells. note any repair needed issues, many are easy to see if you know how to look. Then when it comes back on market look again if you are interested and didn't get it the first time. Look at baseboards, eaves, the roof and those other areas that telltale a fast look nice fixer that didn't address some what could be major problems.
0 votes Thank Flag Link Wed Nov 14, 2012
We wrote an offer for one of our clients who wanted to purchase the property on Olive. There were multiple offers..very many of them!!! It closed escrow so quickly because the offer that they accepted was all cash. They did not look at offers until the evening of September 9th, and the close of escrow was September 20th. As you probably know, the list price wa $249,000 "as is", and the final sales price was $306,000. The estate gave the buyer $2500 credit to deal with city resale inspection issues.

If you are looking for a "fixer" property, there is a lot of competition!! It is important to work with an agent who is watching the market and is familiar with new listings as they come on the market as well as being knowledgeable about various areas of Marin and values of real estate.

We preview new listings every week with specific clients in mind and let our clients know if we see lisitings that we feel are a good value. Let us know your minimum criteria for bedrooms, baths, square footage, etc. We also need to know what areas that you are interested in as well as your price range. We can let you know as listings come up that fit your criteria.

Mary Kay and Kathy
0 votes Thank Flag Link Wed Sep 26, 2012
Sorenalsina-
I am sorry to tell you the Olive Ave. house just closed escrow last week. Those really special deals come and go quickly. If you are looking to get a really good investment property you need a website that is directly connected to the MLS so you have up-to-the-minute listing information. Most Realtors offer that connection directly through their sites. Trulia really offers good info about a property- like payments, estimated value and taxes. Good luck.

Here is my link, if you want to use it:

KathaSellsSonomaCountyHomes.com
0 votes Thank Flag Link Mon Sep 24, 2012
Hi Sorenalsina,

This home was a fixer and sold a few days ago for $306,000.
We have had a huge demand on homes $500,000 and under in Novato.
Home prices have been rising all year and with the lowering of interest rates last week I foresee that the home purchasing demand while continue to rise.
If you are thinking of buying a home. I highly recommend that you get preapproved. The market is very competitive and prequalifications won't suffice. With a preapproval you will also know exactly what you can purchase and what your mortgage payment will be monthly.
I hope this helps and you may email me if you have anymore questions on the fun and exciting real estate market at
mparedes@fhallen.com

Warm regards,

Miguel A Paredes III
Marin Realtor
415-233-3235
0 votes Thank Flag Link Sun Sep 23, 2012
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