Those serious buyers mentioned in last week’s edition of the Weekly
Market Watch are busy writing offers, some are writing at under list
price, while others are making strong Pre-emptive offers. In many cases,
Sellers, however, seem to be sticking to their list prices – sometimes
it works, sometimes it doesn’t. The lesson this week? Proper pricing
is crucial.
Multiple offer situations are simmering down in most areas, though
Berkeley agents are still scratching their heads about the 15 offers
received by a two bedroom El Cerrito listing under $600,000. Homes priced
in the $1-3+ million range seem to be the most likely multiple offer
candidates in many areas. A small Mill Valley home listed at $1,345,000
had five offers. Pleasanton too notes that the upper end homes tend
to move faster than lower priced properties. Walnut Creek reports that
inventory in the $1-2 million range is moving quickly, and in San Francisco,
the sales price during the week for one office averaged $2.7 million.
More than 60 properties, all in all, were in multiple offer situations.
Of the more than 555 houses held open, most all of them were busy with
buyers willing to negotiate. A new Piedmont listing saw 100 groups go
through. A Millbrae listing had over 150 visiting groups. Over 100 buyers
came to a new Palo Alto listing, and over 200 to a new listing in San
Jose.
Listing inventory was reported as increasing by 15 offices, steady
for 10 offices and decreasing in only two. Sales activity remained steady
for 14 offices, increased for eight offices and decreased for five.
Sellers understandably want to get the most amount of money possible
for their home. However, like art, a home is really only worth what
a buyer is willing to pay for it. Pricing that is derived from a true
understanding of market conditions, home condition, and other carefully
considered factors is most conducive to a timely sale.
Rick Turley
President
Coldwell Banker SF/Peninsula
