45 Written Offers in 5 Days!!!!!!!!

Mana, Multiple offers on well priced homes are very common but 45 is a lot!!

plenty of buyers. We actually have a buildup of buyers now similar to the buildup of inventory we saw in early 2006. This, in my opinion, will start upticking the prices by the end of this year, as the demand is coming back as more buyers feel they might miss out on the bottom.

Congraulations Mana!

It drives home the fact that pricing is the most important factor to getting offers.

I've been meeting people at Open Houses who are coming back into the market after waiting out 2007.  I'm starting to see articles in the paper talking sense rather than fear.  People are seeing some of these REO's and going crazy.  I'm having to use the same dialogue about asking price and final sales price to temper enthusiasm that I used in the great market.  Everything is cyclical. 

Roberta, I know. I was shocked myself. I had to ask the listing agent a few times if she was sure and if they were all written not verbal.

Team Carroll, We are staring to pick up as well. The only problem now is that some buyers are so misinformed about all the current loan programs.

Michael, This was not my listing, I was representing the buyer but thank you anyways.

Peter, I'm working on another post where I discuses the craze over REOs and the few that have actually closed in our area over the asking price!!!

Mana...  Forty Five sounds absolutely crazy but one of my recent listings hat 3 offers and sold in the first week. One surprise was how low they started... I priced it for a quick sale and the first offer was over 10% low...  If the first prospect made a decent offer they may have had a new home but low ballers tend to lose.

Mana, It's all about the price. Always has been. Even in this difficult market a house priced very well will get a feeding frenzie. From the looks of you chart they certainly hit the sweet spot with the pricing on that property. Did you know homes in my area are at $75 a sq ft? What a difference between CA and my part of FL. 

This has to be a fantastic offer!  45 written offers.... I would love to have that problem.  That means there are 44 other buyers that are excited about purchasing a home in your area. 

WOW - that's a dream!  Looking at your posted numbers, it's sad that some listing were SO over priced o begin with, that they had to come down $100K to get it sold. Buyers ARE out there, let's get this inventory SOLD!

HI Mana,

We had a similar situation about 2 weeks ago. A REO listing had either 42 or 43 different offers. Pricing was all over the place, some under, over and all cash offers. It went into escrow within 48 hours.

Mana - what a wealth of info by BFFE - the good news is lots of others will hopefully come down!! You go girl!!

Hmmm...what do you think that seller with the same square footage is thinking about his $499k price now?

Utterly Amazing!  I would love 45 offers!!!

Dan, I receive those low ball offers all the time. What some buyers need to realize is that in some situations such offers work, but when the homeseller is going to come out short, such offers are obviously rejected.

Broker Bryant, I don't know if this was a coincident, but few hours after I posted this article a few of the homes in this area reduced their prices. Now there is going to be a frenzie.

Kimberly, 44+ my buyer. I would love to have a listing like that as well.

Connie, I know. Once this baby sells everyone has to come way down.

Lynda, WOW. See it's happening all over the place. Price it right and if the home is in decent shape you'll start a bidding war.

Cyndee, I know, we are all waiting anxiously.

Lisa, Maybe he is thinking: I need to talk to my Realtor.

Bo, Me too. Only if this was my listing.

shows that pricing is the key uh?

Mana:

Congratulations. Awesome. It does go to show that a propety priced right in any market will sell quickly and get multiple offers.

Mana, I think this is good for the market. Once many of the REOs get cleared out, we'll be back to a normal market. Wow 45 offers. That's incredible.

Gary, I do too. As I mentioned in a response to another comment a few of the homes in this area have now reduced their prices dramatically.