Multiple Offers Up Again: Chiropractors Still in Business

March 20, 2007

Previously I reported that buyers appear to be more patient, less ready to pile on, and generally doing their best to avoid “buyer whiplash.”

Turns out that was a blip in market activity for perhaps a week or ten days.  Feeding frenzies seem to be now be back in force.  Last week clients of mine were one of 21 — twenty one!! — offers on a property.  Alas, we didn’t get it.  Rumor has it that the winning buyer threw in a Hawaii vacation, naming rights for their next child, and a promise to run up and down the street naked on every anniversary of the sale, waving a banner singing the praises of the seller.

Looks like chiropractors in this area will continue to see a steady stream of business.

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Written by Kevin · Filed Under Buyer and seller tips, Consumer, For buyers, For sellers, Palo Alto, Real estate 

Comments

4 Responses to “Multiple Offers Up Again: Chiropractors Still in Business”

  1. Chris Zanger on March 27th, 2007 2:41 pm

    Kevin,

    I have to agree… The market is crazy although some press likes to say different. Out of my last 5 attempts some successeful some not, I have encountered multiple offers on each property. We are seeing that the south bay west side is seeing huge activity on properties that are in move in condition and ready to go.

    I love the people that are waiting for the marekt to cool off, its not going to happen folks, get off your rears and make something happen!

  2. Kevin Boer, Realtor, 3 Oceans Real Estate on March 27th, 2007 2:45 pm

    Actually, I somewhat disagree. The market will cool off; it always does. The question is whether people will save money by waiting. They might get the same home in October with only 1 offer that might have had 8 offers today, but will they get it for less money? Unlikely.

  3. Chris Zanger on March 27th, 2007 3:30 pm

    Ok, so if a buyer buys in todays market at todays prices, or buys in October in October prices sooner or later these prices will increase. You may pay in todays market next years prices, but over time as the bay area has shown for the past 40 years, you will increase in value and your investment will pay off over a long term period. Look at where these values have gone. Will it stop, no. There are no remaining places to build in the hot pockets of the bay area. Supply and demand will break this theory of a slow down market time and time again. We do have blips in the market, and there are cool off months but they only last for a fraction of time compared to the up swings in the area appreciation that the silicon valley has proven for years.

  4. Oh Pleaze! on May 11th, 2007 11:05 pm

    What I read looks like emotional hype. Lets look at the facts that you gloss over. The debt to income ratio for consumers is the highest ever at 328%. Even surpassing the 284% of the 1929 NYSE crash. The average (mode) Californian has a FAMILY income of P,000. But the average existing house (built in 1950) that is held up by the strength of thousands of determined termites and may cost upwards of $500,000. That is not counting Real Estate commissions, closing costs, annual insurance costs and a huge increase in County property taxes. Some interesting things will start happening when these buyers aren’t able to find that second or third job to pay for the monthly groceries, utility bills, clothing, car repairs, unpaid HMO medical costs. When the loans start resetting to reflect a higher predicted, as they are already we will see a blip of a drop in foreclosures. As the Notice of Defaults increases, so will the sales inventory. This means sellers have two choices let the house rot on the market for another 90 days hoping to find a sucker for the overvalued house at low interest OR or drop the asking price and if you short sale iot your looking at IRS problems (for Deeds of trust). In either case housing inventory will increase, interest rates are already increasing and building continues from older planned projects. Its going to be fireworks in California just like Florida. The housing situation will get really bad before it gets better. Qualified buyers with low or no debt , high income and good credit are sitting on the sidelines watching this mess waiting for the deals (I am one of thousands). We all know the exercise, the brokers grab the good deals, the customers get the junk. One day, brokers will be too bloated with houses sitting empty without paying tenants, with competitive low rents and the green alligators will be slurping and chomping all around. Who are you going to sell to? You can take all the listings that you want, but if they aren’t priced correctly to OUR wishes, we won’t buy. You see savres like us, are NOT stupid. We want a deal and WE HAVE THE MONEY. Where are you going to get your survival money. It makes me feel empowered with all the smug talk RE agents have been throwing around about their flipping and real estate prowess. While I have been quietly NOT PAYING monthly interst, I have been saving tons of MOOLAH FOR GOOD CASH DEALS. I don’t need mortgage companies any more, thats how much money I saved by renting instead of owning. I never “gave” you any of my money, but I know that someday in the near future you will be getting on your hands and knees praying for someone like me to buy your debt. Only problem, I want the sellers to experience PAIN, PAIN, PAIN, and then maybe if they are nice to me, I’ll consider the deal, but they will have to buy me some nice firniture to furnish the house with FIRST. I can close in hours to days and still have money left over. Can you say that?

    Oh, I love the smell of green stuff in the morning. I think I’ll make a “salad”…ROFL

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