As we march into the April market, the continued drought of new listings is causing continued bidding wars. Typically, April is when we see the highest number of new listings and that would certainly be a welcome break for the buyers in the market now. I advise my clients that they need to look at homes that are priced 10% below their target price so that they have room to offer a higher price for that property. I also advise for them to remain UNemotional about the outcome of their offer, as I suggest that the right home is still out there to be UNcovered.
It certainly was an offer UN-leashed! This was the fastest closing in my 30 years of residential real estate. The home I listed in Mountain View in the Gemello Park neighborhood, came on at a price of $1,295,000 on a Friday morning. I held it open over the weekend on Saturday and Sunday with big crowds both days. We asked for all offers to be delivered by 2pm on Wednesday. There were 5 offers which were received. All of the offers were very good but the best one was an “all-cash” offer, the highest price offered at $1,465,000 and to top it off, a 2 day close of escrow!
Fortunately, I had prepared my seller that this could happen so we made sure everything the escrow/title company needed was there in place, i.e. the loan payoff, the seller’s trust information etc. Sure enough, the offer was accepted at 6:00pm on Wednesday, sign-off at escrow was at 10:00am on Thursday and by 9:00am on Friday, 39 hours later, the sale was closed. UN-believable!