Real Estate June 9, 2015

Homes receiving multiple offers

Amidst a long string of historically low inventory and pent up buyer demand Santa Barbara’s real estate market is seeing a very large number of homes receiving multiple offers within a short period of time after being listed. Several factors contribute to which homes are likely to draw more than one buyer. Homes falling into the following categories are seeing the most multiple offer activity.

1) Homes in price ranges under $1 million

2) Homes priced slightly below current comparables

3) Homes having a preferred location or style that’s been in short supply

4) Investment properties that are well maintained

It can be very discouraging spending a lot of time and energy searching for a good property, only to find out that when it does appear there are several buyers waiting in line with offers. What’s even more discouraging is having this happen to you multiple times, which some buyers in the current market have experienced. All-cash offers are now common place, so you must be prepared to offer other terms that will impress the seller of a high demand property. The timing and way an offer is presented also factors into a seller’s decision. This is where local knowledge, experience and shown professionalism go a long way. I had the wonderful experience of having a client’s offer accepted last week on a very desirable four bedroom home that was priced under $850K. Although there were multiple offers and my client’s was subject to a loan contingency we were able to reach acceptance with the seller by offering desirable terms and presenting the offer well.

It’s my pleasure to assist clients in making well informed decisions that lead to great outcomes with their real estate transactions. I sincerely appreciate your inquiries and look forward to hearing from you.