Through The Roof

I swear, for almost all of 2012 I went on and on about how wacky and hot the market was. What the heck did I know! If you bought a home last year and went over the asking price to get it…you probably stole the place! So far the 2013 market makes last years look like 2009. If you’ve been playing in this ballpark you know exactly what I mean. If you haven’t…hold on to your hat. I showed a house on Williams in Belmont that debuted  at 1:00 PM on Saturday and looked at offers at 2:30 on Monday. In just a bit over 2 days they got 8 offers and the house went $150,000 over asking. I talked to an agent today who wrote an offer on a house on Chestnut in San Carlos who came in $100,000 over asking and finished 11th out of 13 offers! I spoke to another agent who wrote an offer $200,000 over asking on a house in Los Altos and missed it by $300,000! That’s right, the house went $500,000 over asking.

There’s no standard right now. No rules for this game. I have an 820 sq ft cinderblock house in San Carlos listed for $559,000 that I put on the market on Friday. So far I’ve handed out 11 disclosure packets on it. Offers are on the 19th. I’ve never seen anything like this…and I think I said that last year at this time! One of the scariest things is the number of ALL CASH offers right now. Seems like all the winning bids are cash. It’s amazing. I had an agent tell me she received an offer with 50% down and the buyers agent apologized because they had a loan. Like it’s a shameful thing to not have a cash offer. This is on a house listed for $1,500,000.

I wish I had an answer for this. Actually I wish I had more listings! Come to think of it…if you’ve been thinking about selling, now’s the time. My phone number and e-mail are at the top of the page. Seriously. It’s impossible to overstate how much inventory we need right now. We could triple the current level and it wouldn’t mean a thing. There’s that many buyers out there.

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