Hold Your Horses!

Well, just when I thought I had this formula all figured out…along comes a twist in how things have been done around here. Again. A little over a month ago the house at 312 Pompano came on the market at $1,175,000 and receiveda ton of interest. So much interest it actually got 5 offers. I think since I’ve see multiple offers around here, 5 offers is a virtual guarantee of getting at least the asking price. Over asking is not unexpected. In the case of this house, the best offer came in $60,000 under the asking price. When I saw that closed price I thought for sure it was a typo! No, indeed it did close for $1,115,000.

To me, that’s quite a significant development. Clearly it means that it’s OK to write an offer at whatever price you’re comfortable with regardless of how much competition there is…because, clearly, who knows what’ll happen! Since we started seeing multiple offers around here it was an invitation to go higher in price. Not any more.

If you’re a buyer in Foster City right now, don’t be intimidated by significant interest that you 1) hear about or 2) see at the open house. Write an offer that makes sense for you. At least until they start going $50,000 over asking again! Really, this nis very good news for buyers in this town. There’s a new way of looking at things it would seem.

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