It was fun to open the Sunday Contra Costa Times and read positive real estate press!

“Buyers compete for short supply of homes in Bay Area,” written by Pete Carey of the Contra Costa Times, offers confirmation of good news for sellers of homes in the San Francisco Bay Area real estate market.

Even so, it is important for you to know that multiple offers are not the norm for all properties, even with our current low inventory levels.

Lafayette CA Homes for Sale

Here in Lafayette, no question, inventory is lower than normal and it is a great time to sell if you are moving up or down and buying another property. For properties that are in just the right place and priced at just the right price, we have seen multiple offers. In a single recent week, two of my listings attracted 8 to 10 offers each. They were in different Lafayette neighborhoods, but each is in a neighborhood where inventory is almost always low, regardless of market conditions.

I have been saying for some time that there are qualified buyers waiting in the wings, ready to act quickly for just the right opportunity. These recent multiple offers again prove that.

However, number of buyers doesn’t tell the whole story. Today’s buyers are smart and real estate savvy. Many have studied our market for some time. Not every property that comes on the market interests them.

Inventory may be low, but we can’t expect these buyers to jump on everything. They’ve been patient. Many are prepared to continue to be. Today’s buyer wants it all – price, location, neighborhood, condition of property and an ideal lot with usable land and privacy.

What does that mean for you as a seller? You can’t change lot and location so it’s critical to make sure your property shows well, is priced right and is in great condition. And, if you are lucky enough to have the perfect package, list price still matters. When it comes to attracting multiple offers, asking price is that much more critical.

If you’d like to talk specifically about how this impacts you and your property decisions, please give me a call.