C.A.R. should call a few more people outside of the Bay Area….
The 2013 C.A.R. Home Seller survey was conducted by telephone with 600 people statewide to measure their perceptions of the home selling process. Eligible respondents all closed escrow on their homes within the six months prior to August/September 2013.
The survey found that nearly half or 43 percent of respondents expect home prices to rise over the next year. That number jumps to 58 percent when the time period is extended to five years. In the previous survey 9 percent expected a short term increase while 12 percent thought prices would rise over five years.
Nearly all of the sellers, 98 percent, said they had received multiple offers on their home, up from 83 percent a year earlier. The average number of offers was 5.9 compared to 3.1 in 2012. This competitive market also led to bidding wars and 45 percent of sellers said they had received offers above their asking price and more than a third said they had received three or more such offers. On average sellers received 2.2 offers above their asking price.
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