Thursday, May 03, 2012

All the Latest: Multiple Offers & New Low Rates!

Well, this week, we've got a pair of things to get excited about! First, in the past 3-4 months, we at Pacific Union, as well as the market at large, has been seeing an increasing number of sales involving multiple offers. In fact, our own three most recent closings were ALL with multiple offers--as many as six in one case! However, there's a new twist to this situation from the last time we went through this. Unlike in the early 2000's, when it was near insanity and everybody just HAD to overbid the competition, today's incidences of multiples is based on a far simpler set of circumstances. It's the old 'Supply and Demand' factor. The sale with 2, 6, 8, even in one case I am aware of, 27 offers, is due very simply to a combination of lots of buyers, cash in hand or fully mortgaged pre-approved, and far too little inventory to satisfy all of their wants and needs. Will this continue, and, if so, for how long, is tough to predict. One thing is certain. If you are thinking of selling, and your house is properly priced, you couldn't have a better situation to step into. If you're considering selling, call us! We know how to price your home to get you the best results possible.

Second, I know you've heard me say this before (countless times). But the rates continue to be historically low. Just announced was this week's figures, and once again, the rate for 30 year fixed mortgages hit a new all-time low--3.84%! This will benefit you either as a buyer or a seller. As the former, you can afford more house, or at least pay less to obtain it. As the latter, you can benefit from more people qualifying for a loan to be able to buy your house at, or if there are multiple offers, above what you're asking for it. Either way, you're a winner! Give us a call if you need help or advice in either case: Peter: (415) 279-6466 or Jane: (415) 531-4091.


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