In a low-inventory market, you're not surprised that the bidding wars are going on across the highway, too – are you?
The most recent...
1247 11th St. (3br/2ba, 1700 sq. ft.) is a home we called "cute and compelling" while warning that it "simply won't last." (See "Sunday Opens (4/29).")
Right. That was easy. The…
In a low-inventory market, you're not surprised that the bidding wars are going on across the highway, too – are you?
The most recent...
1247 11th St. (3br/2ba, 1700 sq. ft.) is a home we called "cute and compelling" while warning that it "simply won't last." (See "
Sunday Opens (4/29).")
Right. That was easy. The property went into escrow after 6 DOM. That's the time it takes to collect a few offers, counter them and figure out which one to pick.
1247 11th began at $990k, and has just closed somewhat higher:
$1.050m.
That's because they drew 3 quick offers. Another 4 were queued up and ready to write while the first 3 were being countered.
Another bidding war. This time for a cottage just over the line from MBB.
You may not see much difference between $990k and $1.050m, but it's a
+$60k bump and
+6% jump percentage-wise over the start. You have to call that impressive, even for a little place.
Remember when people used to overprice their properties badly, resulting in 5, 10, 15, even 20% discounts before they could close a deal? Memory of that may be hazy, but, yes, it did happen. For about 5 years running.
This sale reminds us that today's market has such interesting new dynamics. Sellers largely still seem to be trying to find the right market price and slotting their listings at the right number. It's less common to find sellers goofing around with overly aggressive, high numbers.
Now it's the buyers driving up the numbers.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 2:55am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.