Can buyers succeed in a market that strongly favors sellers?
Here's a tale of 3 of my recent buyers and how they are faring in today’s market which continues to favor sellers.
(Happy buyers, Belmont, 2015)
Buyer #1 – Success! Closed escrow in April 2016
- Bought a condo in Redwood Shores – made 3 offers before one was accepted
- List Price: $699,000
- Days on market: 7
- Multiple offers
- Every contingency waived, including appraisal & financing
- Gave seller approximately 6 week free rent back
- Sold for almost 17.5% over asking
Buyer #2 – Success! Pending sale, set to close June 9
- Bought a 3 bedroom, 2 bath home in San Jose, not in their preferred Sunnyvale
- Their 4th offer succeeded
- List Price: $1,248,000
- Days on market: 11
- Multiple offers; Waived every contingency
- Gave sellers 30-day free rent back
- Sold for approximately 16% over asking
Buyer #3 – made 5th offer today; waiting to hear now
- Entry-level single-family home in San Mateo, 2-bedrooms, 1 bath
- Days on Market: 7
- 7-10 offers expected; my buyers have waived every contingency
- Their offer: roughly 15% over asking
- Waiting to hear; waiting is hard. Will they be successful today?
Buying a home in a market that favors sellers is not for the faint of heart, but with perseverance, success will result!