Just on the heels of news that San Francsico's February '07 housing sales volume was down compared to not only Feb '06 but also January '07, comes the return of every buyer's nightmare: The Offer Date.
Since the beginning of March, more and more houses I tour or see on MLS have set offer dates. An offer date is a day, 10-14 days after the first open house, on which all interested parties need to wait (or in some cases rush) to get their offers in by. Every offer I have submitted for clients in March has had a set offer date and resulted in multiple offer scenarios of anywhere from 3-7 offers.
Yes, offer dates and multiple offers are back, despite news of problems in the sub-prime lending sector and February unit sales down 12% from last year.
Actually, the lower sales volume in February is directly associated with the fact that inventory overall is low - in every price range. Sunday open houses since mid-February have been very well trafficked, with middle-range priced homes seeing up to 150 visitors on a Sunday. Buyer demand is still incredibly strong, but the lack of inventory to meet that demand is pushing the market back into the frenzied state we saw a year and a half ago. That's once again good news for Sellers, especially if they are the only home in the neighborhood on the market.
Have questions about the real estate market? Ready to buy or sell your home? Contact me today to work with an honest, experienced Realtor.
McGuire Real Estate
ablakeley at mcguire.com