Rick Turley, the President of Coldwell Banker announced today that the former Cashin Company in Burlingame and San Mateo, both now Coldwell Banker offices have merged to form a formidable power house in Northern California.
Congratulations to Peter “Pete” Aiello who will run the newly formed power house.
Wow, someone sure hit the light switch at the beginning of the year because I can’t count how many multiple offers I have encountered.
I’ve heard stories of over 20 offers, 41 offers in Pacifica, and the same in Palo Alto. My question is how many offers do you really need if you are a seller/ listing agent?
Let’s say a home is worth approximately $800,000. The listing agent, especially in a sellers market ( a market where there are multiple offers with bids over asking price) is hoping to get 3-4 offers, might list the home at $779,000-$789,000 to get a lot of activity and hope it will push the price over $800,000 and hopefully get $820,000 +.
That seems reasonable. But if that same agent lists the home for $699,000 or $729,000, do they really need to get 20+ offers? I don’t think so and I don’t think it’s fair to the other agents and their respective buyers.
All that does is give everyone but one agent and buyer false hope. How many of those 20 offers are really going to be for $800,00 or more? Probably the same amount as if you listed it for $779,000.
It’s also a waste of everyone’s time and energy too.
My good friend and past associate Les Williams has written a book along with his daughter Penny Williams about his life growing up and his experience as a Tuskegee airman in world war ll.
My sincere apologies to Les for not writing this blog sooner. If you would like to purchase a book, please let me know and I will make sure to get a hold of Les. The cost is $20.
If you would like to have an autographed copy, please donate a little something for Les and I’m sure he would be more than happy to sign it for you.
It might be possible to set up a speaking function and have Les as a guest speaker for some of the local businesses in the area.
What a breath of fresh air to wake up reading the front page of the San Mateo Times on Sunday while drinking a cup of coffee and seeing in bold, “Housing values inch back up” by Pete Carey.
Still on Sunday, another strong sign was the front page of the SF Chronicle regarding the Technology sector. ” New boom is no echo of 1999″. From Casey Newton to James Temple. James writes that the restaurants are filling up by the tech workers and Casey points out that San Francisco will have 28% more tech positions by the end of the year.
My question is, where are they going to live? Both housing sectors are doing well. Whether you are looking for a home to purchase or rent, you have strong competition.
I’ve known this for months because when you are in the trenches each and every day with your peers, you know when things are on the move.
Yes, I know things are still rough out there, from Stockton to Detroit, but here in the Bay Area, homes are flying off the market. Granted, if they are priced correctly.
Wow, did someone flip the switch? It sure seems that way. The real estate market sure has picked up since November and December.
Why? Well a few things have contributed to this. The first is consumer confidence. Shoppers were back out at the holidays and that was a very good sign that we, the consumers were ready to spend some money and not feel guilty about it.
In a down market, people who have money either invest in the stock market and real estate, or they let fear paralyze them and they hold what money they have. As their tensions lower, they start to spend again.
That, coupled with a very strong stock market had many feeling good again. Lastly, interest rates are at record lows and that the buyers who have been sitting on the fence waiting for the market to hit bottom now are motivated by fear that they may miss out on one of the best buying opportunities of our generation.
I’m seeing multiple offers again on both entry level homes as well as homes over a $ million. Seeing both ends of the market doing well is a great first sign of hopefully things to come.
Lastly, Silicon Valley is hiring again and if the rest of the Country starts to follow, the economy may well be on the way back.
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