How Multiple Offers Affect Sale Price

sebfreyBlog, Charts and Statistics, Commentary, North Monterey County Real Estate, Santa Cruz Real Estate, Sellers, Silicon Valley Real Estate

It’s that time of year again! Early in the year, inventory is low – but there’s no shortage of eager buyers looking to purchase a home. While an imbalance of supply versus demand is not uncommon in the greater San Francisco Bay Area, it’s especially acute early in 2020. New inventory is trickling onto the market, and it will continue to ramp up as we get into spring. But at the moment, there’s nowhere near enough new inventory to meet demand. Sellers with well-priced homes across the region are being rewarded with multiple offers from prospective purchasers. That is of course a wonderful situation for a seller – but it’s more like a nightmare for buyers. Many of these buyers will have been looking for months, even years, before they finally put an offer in on a property…only to find out that the seller has a number of competing offers to choose from. A buyer never knows how a seller will respond in a multiple offer situation. Will they accept just one offer from the “best” buyer? Will they make counter offers to specific buyers? Will they ask all buyers to respond with their “highest and best” offer, knowing that there are multiple offers on the table? What’s more, a seller can make different counter offers to different buyers, with different prices and terms. I’m helping clients manage a few multiple-offer situations at the moment, as listing agent and as buyer’s agent. Working with buyers in a multiple offer situation is especially fraught, because of course, … Read More

Upsizing or Downsizing your Home – Now or Later?

sebfreyBlog, Sellers

Thinking about upsizing or downsizing our home? With the considerable increases in home values we’ve seen over the past couple of years, a lot of homeowners are enjoying more equity in their homes than perhaps they’ve ever seen, or certainly more than they’ve seen in the past 6 or 7 years.  And with this increase in equity, many homeowners are considering making a move – to either upsize, or downsize, their homes. One question though is – does it make more sense to upsize or downsize today, or at some point in the future, when perhaps they have more equity in their homes?  To address that issue, we’ve created a brief video presentation which should be helpful. Download the Spreadsheet used in this Video   You can also download the spreadsheet used in the video here.  The spreadsheet is in Microsoft Excel format.  If you don’t have Excel, you can import it into Google Docs and work with it there.