Since the beginning of the year, we’ve seen more buyers come into the market just like last year, and we’re waiting for more inventory to follow. It will happen but it’s a guarantee that it will not meet demand.
Homes are getting multiple offers. We did on a home in San Ramon on Monday. It received 11 offers and went for close to a $1M which is almost $70k over asking.
We bid on a condo in Newark asking $430k which was priced at a new high, and it received 7 offers, 4 of which were given a counter and should be in contract for about $10k more.
We bid on a condo in Fremont that was asking $479k and it received 20 offers and went for about $30k over.
The winners were removing appraisal and loan contingencies but keeping their inspections because no upfront inspections had been completed.
Though the winning bids had more than 20% down the good news is that they weren’t all cash.
- Sunil Sethi
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