Comments on: The Phone

By: Jim Minkey

Jim Minkey — Thu, 04 Mar 2010 05:35:12 +0000

In many cases pricing is a huge factor in whether a place gets multiples or not, but honestly, I thought my Dory listing was priced a bit too high and we ended up with 7 offers. The market just turned a corner quicky after the first of the year.

No question though…over priced listings will most certainly sit there.

By: Nicole

Nicole — Wed, 03 Mar 2010 23:52:16 +0000

Do you think the multiple offers have something to do with how the sellers are pricing their homes?

I went to see of few of the town homes on your list above and as soon as I walked in them I knew they would sell fast, primarily because the price seemed right for you were getting (remolded kitchens, bathrooms, gardens).

On the flipside, I also went to see a town home for sell at Harborside and walked out thinking that the sellers were crazy for thinking that would get what they were asking for. It seemed like even the agent thought they were crazy!

By: guru

guru — Wed, 03 Mar 2010 19:29:43 +0000

Bought mine with 30 year fixed, never have to worry about refinancing.

By: steve

steve — Tue, 02 Mar 2010 23:37:11 +0000

I bought my home last summer and I try to refinance now and it wont go through because the house price has dropped. I live in peninsula.

By: guru

guru — Tue, 02 Mar 2010 19:28:01 +0000

Absolutely. Buyers need to think objectively rather than believing what they read is true. There is a lot of information out there and its upto one to decide which is true or not true.
I waited through the boom and bought my home in April 2009. Definitely things have changed here and more buyers now and less inventory. But there is always a group of buyers who will be on the fence and will never buy a home.

By: Jim Minkey

Jim Minkey — Tue, 02 Mar 2010 16:02:51 +0000

That’s very true Chuck…and great point too! Yet, it’s the fact that my (and I have no doubt your) phone is ringing adds to thecontinued stability of the market place. While the inventory remains low…more and more people are entering the market. It’ll take quite awhile to satisfy that demand.

By: ChuckG

ChuckG — Tue, 02 Mar 2010 14:11:13 +0000

Jim,

That’s a very interesting observation. And I believe what’s causing this paradigm between the observation that the market is busy versus the reality of the actual sales data is: Lack of inventory. The list of available homes for sale in many communities on the Peninsula is running about 50%-75% of normal.

Using your list of multiple offers above, let’s say on average there were 4 offers on each one of those listings (probably not too far off.) That means that about 60 offers are being written for what will result in only 15 sales. That’s alot of activity! But while agents are running around frantically writing and presenting offers, the final sales numbers won’t reflect this.

Until the inventory picks up (hopefully soon) I think you’re going to see more of this seemingly contradictory behavior. Or,to quote what somebody told me years ago “don’t confuse activity with results!”