Multiple Offers

I saw an article this week that stated that 78% of transactions this year in the US were done with multiple offers. Kind of amazing, huh? Actually it seems sort of unbelievable considering some of the towns I’ve been in. I guess folks are more encouraged and are out there buying. That’s certainly been the case here.

Around here though that’s about right. There’s been 102 sold single family houses in Foster City and 16 of them did not experience multiple offers this year. Honestly though…that’s really a pretty hard thing to accurately figure since I wasn’t involved with 102 sales. Those are just the houses that took awhile to sell and closed under the asking price. Interestingly, there were several places I saw that were on the market for awhile that still went significantly over asking. Plenty of these places had offers in which a buyer backed out and then sold it again…with multiples. No matter what, we’ve had quite a year as far as competition goes.

Things were even worse when it came to condos and townhouses. There have been 159 sold units and just 14 without multiples by my calculation. Amazing.

What does it all mean? Who knows! One thing I know is this…get ready to compete if you’re a buyer.

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