I have a fascinating update regarding the $839,000 listing with 22 offers I blogged about on April 1st.
I will share it below, but it perfectly illustrates the first point of my blog:
I. Many Markets Are Hotter Than Ever; Confused Buyers Getting Massively Outbid
Many of the markets we serve are, in fact, very cool, with inventory builds and price discounts (mostly across the Sunbelt).
It’s fascinating to see how some very hot markets are only a few miles away from some very cool markets, too – in all states.
The crash bros are constantly posting about the soft markets alone while ignoring the many very hot markets.
Homebuyers are seeing this onslaught of housing doomerism, firmly believing they can find “deals” in every market, and insisting on either lowballing or underbidding in the face of fierce competition.
I bring this up because we are seeing our buyers get outbid over and over. This is one more reason we should all teach buyers to ignore the crash bros.
II. 10-Calendar-Day Closes Reign Supreme
I blogged recently about our 12-calendar-day closes to win deals in hot markets – while also pointing out that we can close in 10 calendar days too, if necessary.
Welp, everyone wants the 10-day close. So be it.
We got two offers in contract this week alone with our 10-day closes. So – please take advantage.
III. Cockroaches Killed A Transaction; Holy Cancellations, Batman!
We are seeing a higher percentage of contracts canceled than ever before – including recently when buyers backed out solely because they saw some dead cockroaches in front of the house.
I’ve blogged numerous times about the importance of sprucing up listings prior to appraisers’ visits, both to bias appraisers toward correlating with higher comps and to keep appraisers from calling out condition issues.
But, in today’s market, sellers might want to go even further to ensure buyers don’t back out of contracts, as they seem to be looking for any excuse they can find to cancel.
If I were selling a home today, I’d not only sweep up the cockroaches, but I’d make sure my home was as close to pristine as possible.
IV. The Utterly Fascinating Update Everyone’s Been Waiting For…
HERE is the $839,000 listing that had 22 offers in Richmond, CA that I blogged about on April 1st. I suspected it sold for about $300,000 over the listing price – and I was so wrong!
It sold for $1,255,000 – a whopping $416,000 over asking. And – the agent who shared this info with me believes it was all cash (likely AI money).
“Dear Crash Bros, please put that in your pipe and smoke it…” Hot markets indeed.
