Multiple Offers Now the Norm in Silicon Valley Real Estate.
In Silicon Valley real estate, there are more buyers than sellers right now. I know, it’s hard to believe. The news says we’re going to hell in a hand basket. There are foreclosures all around us. But the reality is that it’s a seller’s market. I’ve been working with a very nice young couple who are looking to buy their first a condo and can pay all cash (don’t ask). We’ve been outbid twice in the past two weeks. We were not asking for an appraisal contingency and were offering a free rent back so the seller could have some extra time finding a new home. Sorry, not good enough. We were out bid by an investor who gave the seller up to eight months to rent the place. That knocked us out of contention. It’s frustrating for the buyers who are looking for a home to live in. It’s even more frustrating for them because they keep hearing that they shouldn’t be paying full price for a home and to negotiate a better price. Sometimes I have to share with clients that the press info is typically 3 months old. Today for instance, the local paper reported that real estate prices in June 2009 are up. Well, it’s almost August, but I suppose better late than never. I’m on the frontlines every day and know the market, then inventory and the latest trends. But clients have difficulty reconciling between all the news from CNN, Wall Street Journal, the local papers and little ‘ol Gary Nobile. In a way, I can’t blame them. These media outlets spend millions researching, investigating and reporting through all the major channels. Here I am with my blog that doesn’t even charge me to post. The others have hundreds of reporters. Uh, I guess it’s just me reporting (not including the 150 other agents I talk to every week to gauge the market). But the one thing that is very hard for any news agency to do effectively is to consistently report on a niche local market like San Jose real estate. No one could report on your profession better than you, right? If you like what you see here, post a comment. If you’re CNN or The Wall Street Journal, perhaps you should subscribe to this post. Good news or bad, I’ll always share accurate data. www.GaryNobile.com