If you were hoping to buy a ticket on the Cheap Home Cruise of Auburn, California, you may be left standing on the dock, because, baby, that ship is putting out to sea.
Four days ago, a “nice enough” little house came on the Auburn real estate market. It was on the smallish side, about 1300 square feet. The kitchen had to be redone because you couldn’t open the fridge door without it slamming into the range, nor open the back door without it slamming into the sink. Totally dysfunctional. Modest neighborhood, nothing special. About the best you could say about this house was that it was “kind of cute” and “in pretty good condition.”
By the end of the second day, the listing agent had 28 offers. TWENTY EIGHT offers. So overwhelmed, the seller (a bank!) ordered him to put the house in “pending” status just to stop the feeding frenzy. To the 28 hopeful buyers, the listing agent sent those dreaded words, “highest and best offer by 5PM today.” No second chance. Do or die.
My clients came back with an all-cash offer $5,000 above asking price. We never stood a chance. The final number won’t be known until escrow closes, but I have been able to learn, through the fine art of real estate espionage, that the winning offer was at least $75,000. Above asking price. Yes, you read that right, $75,000 ABOVE ASKING PRICE.
So what did you learn from this fiasco?
The real estate market, at least the market in Auburn, California, is changing rapidly. No, that’s not quite right, the market has already shifted dramatically. You are just learning about it now.
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