Rocklin/Roseville Real Estate Market Frenzy
Just How HOT Is It?
The way things are going right now in home sales you’d think there will never be another home built or home available again. I’ve never seen anything like this in my 11 career.
The following are two examples with homes I’ve listed and one I’m trying to buy for a client in the last 2 months. I won’t disclose the addresses for the privacy of my clients. “These stories are true only the names have been changed to protect the..” valued clients. 🙂
“We’ll Pay Whatever It Takes!”
I listed a home in March. I had consulted with the sellers in January prior to listing the home and told them that the sale that occurred just down the street was comparable to their home and should be priced close to its sold price. There were no other sales in the neighborhood and they agreed that starting at this price would be a good strategy as it would draw multiple offers.
The day we put the house on the market we had 3 showings. The house went on the market at 5pm. The next two days we had 22 showings. We got 7 offers all above list price in 3 days. The end result is that the house sold for $31,000 over list price. Buyers were willing to go over appraised value and agents were telling me their client would pay whatever it took to get the house. In the end, the seller decided to accepted the highest offer rather than submit to the top two offers with best and final price. This was a $41,000 mistake as it turned out.
The next home I listed last week. We allowed showings from 12 to 2 for two days and planned two open houses over the weekend. After the first two days, the seller cancelled the weekend open houses. We got 5 offers all over list price.
The lowest offer the seller received was $10K over list and the highest was $30K over list. The lower offer was all cash while the higher offer was conventional financing. We selected the two best offers and put it out to both for their best and final offer. The offer that was accepted was $41K over list price and the buyer committed to paying the difference if the appraisal came in lower than the agreed upon asking price. He’s likely to come out of pocket for $25,000 to $35,000 to buy this home.
“I’ve Received Multiple Offers..”
Just now, I received this email from a listing agent of a home I just submitted an offer on for a buyer.
“Robert,
I received multiple offers. Two were over asking price with a quick closing. Seller sent out a counter offer last night to one of the offers.
At this point your buyer would need to submit to me within the hour an addendum with sales price way over asking price, release of appraisal contingency, and proof of funds of least $150K. I closed this property just a few months ago at $312K so I would expect a low appraisal.”
What’s this tell you? I literally got this email as I was writing this. My client would have to come in with $156K, his down and an amount above appraised value to make this happen. That is beyond crazy, that’s just flatly insane. 🙂
Buying or selling, if you would like to schedule a free consultation, please call or text me directly at 916-532-7653 or click here, for my contact page.
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