This week I put my listing at 555 Wisteria Way in Terra Linda into contract. This is literally the nicest Alliance home I’ve had the pleasure to put on the market. Everyone coming through to preview the property has been impressed. At $1.199 million the price was right, but nobody was stepping up and writing. It had been on the market for 24 days, just waiting for a buyer to come by and make an acceptable offer. It turns out on day 24 we received two very acceptable offers, and had either buyer literally written in a day earlier we would have accepted them. As a result, one is in contract and the other is still looking.
Selling real estate in the North Bay for the past 21 year primarily representing sellers, I’ve seen multiple offer situations spring up out of nowhere time and time again. It’s even happened after 90 days on the market! Part of the real estate contract states, “Time is of the essence.” It’s so true and this is just another example. I feel sorry for the buyers who missed out on this great house.
Now that interest rates are at a two year low, we should see a little more demand in the market. That means if you are looking for a house and you find the right one, don’t take too much time on the fence, otherwise your future house might be gone before you make an offer. When you know, you know, trust your gut. Don’t second guess, if you can afford it and the right house is available, if you sit on the sidelines you are risking missing out. Or best case scenario, you are risking getting into a multiple offer situation instead of making an offer when the coast is clear. At that point the offer you make will not just be judged on its merits, but it will be judged against a competitor who may (a) offer more money (b) have fewer contingencies (c) offer a shorter escrow (d) or just all around have better terms.
The good news is buyers in today’s market don’t seem to be risking getting priced out of the market as they have in the past. However, you just might miss out on the best fit for you and your family.