We have a graduation in our family next week, and now that school is almost out, we’re seeing many other families beginning to look at homes, hoping to get settled in prior to next school year. Showing activity in our market has increased considerably. Sellers putting their homes on the market generally seem to be receptive to our staging and pricing strategies, and we're seeing multiple offer situations in most of our first time home buyer markets. In the lowest county prices, the $400,000 to $500,000 range, there are many multiple offer situations bringing in 10 to 20 offers. One property listed at $399,000 (in a mid-$400’s neighborhood) received over 50 offers.
Though we've seen sporadic new activity in the upper end market, it's still relatively slow for properties over $2 million.
But there are multiple offers in all parts of our county. From Los Altos to Gilroy, it's not just limited to REO bargains anymore. The only criteria are that they have to be priced for this year’s market—not previous years. One traditional sale in Sunnyvale sold for 2% above list in as many days with back up offers in place, in the high $800,000 price range. Open homes are busy, and time is running out for the first time buyers who are waiting for... prices to drop, interest rates to fall further or more government concessions. The bottom was two months ago.
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