05-29-2012 10:34 PM
Redfin's Sara Masey talks about the challenges for buyers in today's low inventory market.
http://www.10news.com/news/31128341/detail.html (Be sure to watch the video clip)
Most buyers in the past few months have experienced a bidding war. Has anyone been successful, and did you do anything creative to help win the property?
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05-30-2012 12:03 PM
Good title - it sure has - I've seen this in my area too - from Temecula to Hemet and everything in between - it literally HAS gone from a buyer's market to a seller's market just in the past few months because of the extreme lack of inventory.
05-31-2012 05:06 PM
I haven't heard anything about bidding wars other than bidding for great PPC terms. I have a feeling that over the next two years we're going to see the market pick up here in a big way.
06-01-2012 12:12 AM
A significant number of offers that our Redfin agents in San Diego are presenting for buyers are on properties with multiple offers on them. It's not uncommon for a buyer to be competing against 10-14 other bidders. That's not to say it's every property, but something in a desirable location that is priced right - buyers should expect and be prepared to negotiate hard if they want that house.
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06-01-2012 12:16 PM
I would agree that a hot property priced at the right number would attract numerous offers. But that should happen in any market.
What I'm experiencing from my own agent right now--unbelievably, is this "buy now or forever be priced out" mentality on entry level, small homes. So on those lower end homes, there is a bit of industry (realtor) goading going on to make those prices appear attractive as part of this market up tick.
06-02-2012 09:22 AM
The lack of "listed" inventory is what is driving it in the IE and similar areas. I work for a public utility and can't tell you how many homes are just sitting vacant, some for more than 2 years! On my street alone there are 3 that have been vacant and bank owned for over 6 months with no activity at all. My wife and I have been looking to buy a home in the area since we moved in September. It has now become a bidding war on almost every house we look at. Most of them have sold for far more than they are worth. Even the fixers are selling at an inflated level. It is almost starting to look like the early 2000's again and everyone panicing and paying more than the home is actually worth. It's sad to say but we are actually looking into buying a new built home just so we don't have to hassle the idiot buyers out there. 15 cash offers since September and none went through. Always ended up someone over paying or the bank being greedy on a short sale and foreclosing on it instead. I want the housing market to recover but I don't want to see what happened before where within a year houses inflate over 20% - 30%. We'll be right back where we were!
06-02-2012 01:12 PM
Shoktronic - That is definitely what's happening here in the IE. We are considering downsizing to a smaller single story and I have no doubt our home would sell right away but then where would we go? We'd end up in the same situation as everybody else - clamoring for what little is available to buy - ugh!
06-03-2012 07:20 PM
My advice to anyone look to buy right now is to wait. Do not get caught in the hype because I can almost guarantee you that more inventory will come on the market as the year progresses.
06-04-2012 02:19 AM
There is a lot of hype going on right now....if it truly is a seller's market, just ask the sellers who have put in some price reductions while still having their homes sit on the market.
Yes, if you believe some realtors, it's all back to 2004 again (except for minor detail that the easy financing, exotic loans that fueled the runup is a tad bit tighter now).
My realtor even had the gall to tell me if you don't buy now, the next seller is just gonna ask for more....sure they will... but doesn't mean that I have to buy at that price.