Anyone
trying to buy a home in Cupertino right now knows that it is tough out
there. There are many more buyers than sellers and many Cupertino homes sell with multiple offers way
over list price. Some homes go as much as 30% over asking, but some do
not. How does a buyer make the decision about how much to offer to have
the winning bid in a Cupertino multiple offer situation and not overpay?
The answer is not simple, and sometimes it is
not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.
But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Cupertino home in a multiple offer situation,
1.
In my opinion the most important thing is, how much is this home worth
to you? In other words, what price would you offer so that if it sold
for $1000 more you would not be sorry because you do not want to pay
that much. It may be that you would pay more than your offer if you
could, but you can't so you are just doing your best. But if that is not
the case you need to decide how much the house is worth to you so that
if you do not get it you will not have regrets.
2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and
sell for much more. If it is listed at or above market value it will
not. This is not rocket science. Figuring out market value can be a
little tricky since there are many variables, and the market is a moving
target, but a good Menlo Park real estate agent should be able to help
you analyze comps. Once you know the market value you will have to offer
more in an appreciating market like we are in now. Sorry, but that is
the truth.
3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as
possible on their Cupertino listings? Does the agent over value a home
to try to get more money for their client, or just try to win out on a
competitive listing? Does the agent like to work with multiple counter offers,
or accept the the first best offer? Your agent should be able to give
you insight into what other Cupertino real estate agents like to do.
In
the end, the final offer price and terms will be your decision, but if
you have a great Cupertino real estate agent he or she can help guide
you through the murky waters of Cupertino multiple offers.
If you have any questions about buying or selling a home in Cupertino please feel free to contact me.
If you want to search for Menlo Park homes for sale click here.
Marcy Moyer
marcy@marcymoyer.com
D.R.E. 01191194
650-619-9285
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