In a market that is seemingly recovering at one of the
fastest paces in a long time, offers on listed homes for sale have become so
competitive it feels like the entire housing market is up for auction.
In California, which is one of top 5 markets that was
practically destroyed in the housing crash, they are seeing these bidding
crazes in several of its markets. San
Francisco and Sacramento are sitting at the top with 9 out or 10 homes are
receiving a shocking amount of offers.
Even the east coast in cities like Washington D.C.,
Boston and New York are seeing two thirds of their markets become all out
Vogt, manager of 14 Coldwell Banker offices in the Sacramento area says,
"The only question is not whether a new listing will get multiple bids but
how many it will get."
example, a home in an Elk Grove, CA subdivision received an overwhelming 62
bids! It finally sold for $150,000, and
the original asking price was only $129,000.
in Cambridge, MA that were in the same building and also had the ability to be
combined, which would create an incredible living space for someone, were listed
for $800,000 each. Offers poured in for
this $1.6 million potential package deal and the property was off the market in
less than 2 weeks.
brokers stopped taking names after the number of bidders reached 250," said
Pat Villani. Pat Villani is president of
Coldwell Banker Residential Brokerage in New England. She also told CNN Money that the buyer ended up purchasing both condos for $2
a little further and found that 75% of Redfin agents were experiencing multiple
counteroffers on listed homes, which is almost a 20% increase from the end of