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Put a Offer in on a House Yesterday --- Competing against 5 Other Offers

Sugarcubesea

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Dang, this is a sellers market right now.

We were going to wait till our house sells, we are about 30 days from listing it, just have to get the new floors in. Everything we look at and love and then write the offer at full price and still lose out or get ready to write the offer and our realtor is told its its sold. Our neighbor sold their home with 30 days occupancy and they are getting nervous that they will not find something as everthing they have bid on in the past two weeks in MI have sold before they get their offer in or they are in the situation we are in right now, where their offer is one of many.

Dang, looking at the housing market of MI you would not know that a pandemic was raging on.

Our realtor just told us that the listing realtor is giving everyone till COB today to get offers in and hopes that a decision will come tomorrow. I will let everyone know if we have a new place to downsize into.




Here is the view from the living room. I will be very excited to downsize to this 1,400 small lake house.

1592056973585.png
 

DaveNV

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Nice view!

Your situation isn't unique to your area. In my area north of Seattle houses are selling in a few days, for over the asking price. In my county, over the three month period of March through May, only 19 homes the size of mine have been listed, and 13 of those have already sold. We've been working on moving to Nevada, and in order to be able to jump on a sale there when we find the right house, we're selling our Washington home first. (Thank goodness we found a short-term rental home in Nevada that will work for us!) I'm about two weeks away from listing our place, and I'm told I should expect to be Sold with multiple offers within about two weeks. Let's hope that's the case!

Good luck with your purchase. The house looks great.

Dave
 

Luvtoride

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Yes definitely a sellers market here in NJ. We put my moms house (she passed away in Dec 19) on the market on April 15th and after 2 days of showing had 2 full price offers. We didn’t try to get into a bidding war and went with the 1st offer which had a nice size Down payment and a full mortgage commitment. We closed 6 weeks later with no issues! Other than a conditional CO from the town, all went without a hitch.
Good luck with your offer!


Sent from my iPhone using Tapatalk
 

bbodb1

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@DaveNW - I have to believe the instability of Seattle is only serving to accelerate the housing market away from the area under siege. From afar, it appears the market should be in your favor - best of luck with the sale of your house and the relocation!

Idle Thought: Does this mean in the future, you will be rebranded as @DaveSW??? :cool: And don't forget your sunscreen!
 

bbodb1

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Yes definitely a sellers market here in NJ. We put my moms house (she passed away in Dec 19) on the market on April 15th and after 2 days of showing had 2 full price offers. We didn’t try to get into a bidding war and went with the 1st offer which had a nice size Down payment and a full mortgage commitment. We closed 6 weeks later with no issues! Other than a conditional CO from the town, all went without a hitch.
Good luck with your offer!


Sent from my iPhone using Tapatalk
@Luvtoride - the bolded part made me curious. Are you saying the town (the city) made you conditional offer or a change order???
 

VacationForever

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@DaveNW - I have to believe the instability of Seattle is only serving to accelerate the housing market away from the area under siege. From afar, it appears the market should be in your favor - best of luck with the sale of your house and the relocation!

Idle Thought: Does this mean in the future, you will be rebranded as @DaveSW??? :cool: And don't forget your sunscreen!
Since we will be gaining DaveSW, you are very welcome to our state too, c'mon over and we can all have a party!
 

bbodb1

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@Sugarcubesea - all you really need are a couple of comfy chairs facing those windows, and a couple more out on the deck are you in heaven!
 

JanT

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This is wonderful news for you! I hope it all works out in your favor. We listed our house here in Texas about 3 weeks ago but have only had one showing. Not surprising though because of the price point it's at. Our realtor said sub $500K listings here are selling like hotcakes. As soon as a house goes on the market it's sold. But, in the higher priced market things just aren't moving that well. But, we're going to hang on for awhile and see what happens. In all honesty, I think he set the price point for our house too high but we're going to let it ride for awhile. We don't have to sell but wanted to sell it so we could start traveling. Now, we're all in the middle of a s--t storm that's putting the brakes on doing much of that. So, we're going to leave it on the market for a few months and see what happens. Even if we lower the price it's not going to be anywhere near that sub $500K category.

Best of luck to both Sugarcubesea and DaveNW on the sale of your homes!! So excited for both of you!
 

easyrider

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Since we will be gaining DaveSW, you are very welcome to our state too, c'mon over and we can all have a party!

Dave SW, lol. Maybe Dry Dave or Desert Dave, lol.

Bill
 

klpca

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What a beautiful view! You can never go wrong with a property that has a great view. Fingers crossed for you.

We are having our house "termited" this weekend and the termite company owner told us that he is working seven days a week (having your house fumigated for termites in our city is a common occurrence when you sell. We are not selling, just dealing with termites, ugh). A realtor friend of ours said the same. In our city it is being driven by a housing shortage. The low interest rates are also a huge factor in this market. It's nuts.

We bought a condo in March just before the shutdown. I was worried that we overpaid but nope, prices are up. We were one of three offers but we came in with only one contingency (inspection) and had an all cash/quick close offer, plus we wrote a compelling letter - we found out later that the letter was a big factor in the outcome. The seller came back to all three offers with "best and final" so we increased our offer by a relatively small amount and shortened our inspection contingency and they took our offer. We wound up finding several significant issues and asked for a credit during escrow and got everything back. It turned out to be a good strategy for us because once you have been in escrow for a couple of weeks the seller is loathe to start all over again with another buyer, plus they have the same issues and now have to disclose. So pad your offer a bit then do a thorough inspection and ask for a credit at that point if necessary. If you don't discover any surprises during inspection then it's great all around and you bought yourself some peace of mind!

That looks like an amazing view. Since you are getting into a bidding war here, I would make your next offer truly your best and highest (don't lose this place over a few thousand $$) but make your offer and let the chips fall where they may and try to not get too emotionally invested. I have heard of sellers choosing their one "best and final offer" and asking that buyer to increase their offer. You can decide to play that game later but of course you have to get picked first. Fingers crossed for you.

The day that we made our offer, our realtor was presenting offers for two other buyers (different homes). One property had *17* offers! It was priced super low to generate interest - I'd say it worked - they closed $30k over asking.
 
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Big Matt

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It's a sellers market pretty much everywhere. There has been a shortage in housing supply for a couple of years and with the pandemic, new home building has slowed. This is a great example of how economics works at the basic level. Prices will remain high and increasing with the low supply until demand drops a lot allowing more inventory to sit idle.
 

bogey21

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A number of months ago I sold my Son's house for him in North Fort Worth as he had already moved out of the area. I thought the house was worth $175 tops. Realtor said to list it for $190. To my surprise someone came it and bought it for the asking price...

George
 

bbodb1

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PigsDad

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@Luvtoride - the bolded part made me curious. Are you saying the town (the city) made you conditional offer or a change order???
I believe "CO" in this context means "Certificate of Occupancy", which is issued by the local jurisdiction.

Kurt
 

chellej

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DS just sold his house in suburb of dfw....2 offers within 2 days, one over asking price. They moved to ABQ and were online shopping...everything they liked sold before they could get over there to look. They did finally find one they liked and will close next week.....they actually paid a little less than listing and under appraisal.
 

DaveNV

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@DaveNW - I have to believe the instability of Seattle is only serving to accelerate the housing market away from the area under siege. From afar, it appears the market should be in your favor - best of luck with the sale of your house and the relocation!

Idle Thought: Does this mean in the future, you will be rebranded as @DaveSW??? :cool: And don't forget your sunscreen!

I’m located an hour or more north of Seattle. They have their own housing market, that’s different from ours. Buyers where I am are those who live and work in this area. It’s a rarity to find anyone willing to commute to Seattle from here.

As to the username, I’ve already asked the Mods to change my screen name from DaveNW to DaveNV. Just a single letter change, but it completely alters the dynamic. :)

Dave
 

geekette

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It's a sellers market pretty much everywhere. There has been a shortage in housing supply for a couple of years and with the pandemic, new home building has slowed. This is a great example of how economics works at the basic level. Prices will remain high and increasing with the low supply until demand drops a lot allowing more inventory to sit idle.
Yes. For many years now, my realtor friend has come around and told me, just pack your stuff and get out, I can sell it fast.
 

geekette

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Sugar, that is one sweet view!!! My fingers are crossed. You need to live there. I am blissed out for you.
 
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