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Old 04-12-2018, 01:10 PM
 
Location: Verde Valley
3,972 posts, read 8,639,639 times
Reputation: 3306

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Quote:
Originally Posted by jghorton View Post
"first time buyers"... "starter home" ... "competing with 25 offers" -- this sounds like a fixer-upper being publicly auctioned as a foreclosure (...or a wild exaggeration)

In any type of conventional sale (even in L.A.), more than 4-5 bids would sound alarms that the house was grossly under-priced.
Nope, in a hot market with no inventory this can happen, as a realtor I've seen over 50 offers in Toronto. Good for sellers, awful for buyers.
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Old 04-12-2018, 01:25 PM
 
Location: Los Angeles
3,414 posts, read 1,971,871 times
Reputation: 10085
Hmmm. It sure is starting to feel like 2007. Tick Tock.

https://www.msn.com/en-us/money/real...gBm?li=BBnbfcN
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Old 04-12-2018, 02:35 PM
 
Location: Raleigh NC
7,794 posts, read 6,149,667 times
Reputation: 6908
completely different topic, but certainly one worth discussing. i think there's at least 1 "are mortgage standards getting too relaxed again" topic.
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Old 04-12-2018, 03:21 PM
 
570 posts, read 223,242 times
Reputation: 655
I sold my townhome last June and had 22 offers in one day before we cut it off. All were at or above asking. We ended up getting highest and best from the top 3-4 offers and the appraisal contingency removed. Not sure what it actually appraised at because we never heard from the buyers. We had a few cash offers but we accepted a well qualified financed offer that put down a ton of due diligence (6K for a home listed at $185,000)

It was really crazy. The night before first showing we were in the process of having our carpet cleaned and the door was propped open for the carpet cleaning hose. We were waiting on the back patio and saw a group walk in the front door and start touring our townhome. They said they had confused their showing for the next day but we had our doubts because the house clearly was not ready with furniture moved around for the carpet cleaning.

I'm in NC.

Last edited by luckeeesmom; 04-12-2018 at 04:17 PM..
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Old 04-12-2018, 03:45 PM
 
9,083 posts, read 5,421,093 times
Reputation: 6022
The craziest I've seen in the San Francisco Bay Area was during the period of housing bust, believe it not. It was 2010 and there was a a double whammy of a federal and state tax rebate for anyone who bought a house; but there is a catch - the pool of rebate fund is limited and on a first come first serve basis. So buyers were rushing to close on homes and get a claim on the rebate before the overall fund runs out.

It created the mother of all buying frenzy. People were rushing to be homeowners as if houses were free. 20+ offers were common, heck some get more than 40. Every agent was advising his/her client to make offers on several houses at the same time. It was like applying for colleges - pick your reach schools, your safe schools, your solid choice schools; and just hope at least one college likes you back. It basically flooded the market with offers. My parents were trying to buy and they send out 5 offers one weekend, all got outbidded.

.
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Old 04-12-2018, 04:06 PM
 
Location: Salem, OR
13,751 posts, read 31,608,375 times
Reputation: 12124
I just had 21 offers on a property as a listing agent. The most I have competed against as a buyer agent was 17.
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Old 04-12-2018, 06:02 PM
 
1,528 posts, read 730,858 times
Reputation: 2062
Quote:
Originally Posted by jghorton View Post
"first time buyers"... "starter home" ... "competing with 25 offers" -- this sounds like a fixer-upper being publicly auctioned as a foreclosure (...or a wild exaggeration)

In any type of conventional sale (even in L.A.), more than 4-5 bids would sound alarms that the house was grossly under-priced.
So what? Asking price is no indicator of anything. And certainly no indicator of an outcome. What is the point you're trying to make?

An agent can have a strategy to price high and try to drag buyers as close to that price as possible (e.g. some buyers think % off asking price is like a discount- pay below price and you're 'saving money') or price low and drive loads of competitive bids, therefore driving price up. There are both ends of that spectrum in my market.

One or the other may be more successful or not based on many factors, including the agent's own ability to succeed with their preferred strategy for any given home.
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Old 04-12-2018, 08:13 PM
 
Location: Indianapolis, East Side
721 posts, read 356,266 times
Reputation: 1643
Quote:
Originally Posted by kickingthebricks View Post
Family is competing for a home in southern California (first time buyers) and were told there were 25 offers on it. Having lived in LA, I understand the market there is crazy for entry level housing stock, but even so, this seems excessive.
Sounds like they underpriced the house.
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Old 04-12-2018, 08:19 PM
 
Location: Norfolk
1,578 posts, read 1,983,104 times
Reputation: 5078
Quote:
Originally Posted by JustMike77 View Post
Hmmm. It sure is starting to feel like 2007. Tick Tock.

https://www.msn.com/en-us/money/real...gBm?li=BBnbfcN
That was my first thought, too.

It sure does feel familiar!
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Old 04-12-2018, 08:33 PM
Status: "I am in preparation mode!" (set 13 days ago)
 
5,515 posts, read 5,514,151 times
Reputation: 4212
Quote:
Originally Posted by kickingthebricks View Post
Family is competing for a home in southern California (first time buyers) and were told there were 25 offers on it. Having lived in LA, I understand the market there is crazy for entry level housing stock, but even so, this seems excessive.

What is the most number of offers you have had as a seller, or had to compete with as a buyer, or dealt with as an agent?
I would walk away. That is ridiculous.
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