The open house extravanganza concluded today with a monster turnout – at least 110 people attended, including 18 realtors who were showing their clients – we’re up to eight offers, all of which are over list price.
Here we are discussing this house, and the market in general:
The blog whiteout earlier today caused me to contact my favorite WordPress expert, Alastair McDermott in Newport, Ireland, on St Patrick’s Day! He came through again!
Awesome conversation guys. As I said before I have seen no pickup in realtor activity in my neighborhood. We have had one guy putting out flyers in the past 3 years.
With the market being so hot I would expect more realtors looking for business. Is canvassing a neighborhood old school now?
Yes, door-knocking is considered old-fashioned and less effective because it looks like work.
It was my boy running laps in the backyard that helped drive the interest up further.
He should get a Bubbleinfo sticker for his services!
How much of a factor did intimidation come into play to chase away some of the competition? It was packed this weekend! In the brief time I was there, everyone had their game faces on.
Pending yet on Manzanita?
Carlsbad, becoming the Carmel Valley North in demand it looks like.
Jim,
2 questions:
1) If you were a prospective seller and had a pretty open time frame to sell (say you planned to sell sometime in the next 3 years) would you hang on to realize more appreciation?
2) With so many buyers, it must be tough for agents to get listings. Is there any wiggle room in terms of seller’s agents comission? Seems the standard is 2 1/2%.
Thanks
If all it takes is a couple really desperate buyers to drive prices up 10-20% because of a lack of inventory it certainly seems possible that a few desperate sellers into a weak buyers pool could drop prices 10-20%. I have a feeling that your average seller that is looking to cash out in the next 5 years will probably wait too long. Some factor like rising interest rates or some other economic event will shrink the buyer pool right about the same time the sellers decide it time to cash out. A free a clear home owner looking to downsize might be perfectly willing to take $500K and 5% CD rates vs $700K and 1% CD rates.
Hey Jim,
Thanks for the shout out! Glad to help out as always 🙂
Cheers,
Alastair.