Even though the current real estate market on the San Francisco Peninsula and the Silicon Valley strongly favors sellers, it's still hard being a Seller. It is easy to understand how it's hard being a buyer when multple offer abound -- the seller's difficulty is hidden from sight a bit deeper.
A current transaction of mine shows the difficulties a seller can face when selling a home:
- 5 offers received on a nice 3-bedroom, 2-bath home in a highly desired Silicon Valley town
- Offer signed with a buyer with strong financial qualifications
- Contract canceled when bank froze buyer's account, when he went to transfer funds into escrow (no fault of the buyer--has to do with international money transfers and rule changes made retroactively)
- home back on the market--one good offer received the next day, but seller thought another weekend of open houses might be a good idea
- Offer made two days earlier signed; in contract again; no contingencies of any kind
- Neighbor comes to complain about a plant issue (he hadn't mentioned anything, ever, before)
- New disclosure had to be made to buyer; buyer wants to keep the disputed plants
- A solution is being sought to keep the transaction together, keep the buyer feeling comfortable about moving into the neighborhood; mollify the neighbor.
- The upshot; we will find a solution, but it will cost the seller and others $$$.
So, even though the market favors Sellers, it's still hard to be a seller in the Silicon Valley and San Francisco Peninsula.