My buyer wanted to make an offer on a home that was priced at $699,000 in a highly sought-after suburb of Sacramento. We had a feeling that they were going to have many offers because of the amount of traffic they had during their open houses. (We went to both of their open houses during the weekend)
Since we were beaten out before in our other offer, we decided to make an offer that was significantly higher than their asking price. We offered $760,000 - $61k above the asking price. We also sweeten the terms by waiving the appraisal and the loan contingencies.
Even though we thought we made a good offer, we were still unsure if we should go higher or not.
The following day we received a multiple counter offer from the seller - meaning they are countering a few buyers at the same time. The counter offer asked us to give our Highest and Best offer.
This scenario is very typical - especially in the last 2 summers. Most buyers have had to go to their limit in order to have their offer accepted.
This is a great market for home sellers, but not so much for the many buyers out there.
With that said, tell us any stories that you may have experienced or what you think of the current state of the local real estate market.
It would be great to hear from the home seller's side. Let us know if you've recently sold your home.
I'm sure everyone would love to hear!