How Much To Offer On A Mountain View Condo With Multiple Offers

Anyone trying to buy a condo in Mountain View right now knows that it is tough out there. There are many more buyers than sellers and many Mountain View Condos 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 Mountain View condo 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 Mountain View condo 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 Mountain View 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 Mountain View 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 Mountain View 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 Mountain View real estate agent he or she can help guide you through the murky waters of Mountain View multiple offers. On the plus side for would be buyers, now that the spring market is over, the prices are starting to stabilize and this could be a good opportunity to buy without quite as much competition.

If you have any questions about buying or selling a condo in Mountain View please feel free to contact me.

If you would like to search for condos for sale in Mountain click here.

 

Marcy Moyer

Keller Williams Realty Palo Alto 

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Silicon Valley Housing Inventory Snap Shot June 2015

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date. Housing Inventory Snapshot May 28, 2015   Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active/sold 30 Days Trend Number of Listings Alameda County, CA Single Family under $1M $626,220 0.80% $649,000 3.02% 32 0 687 Single Family over $1M $1,842,079 1.42% $1,500,000 0.01% 61 0 270 Condo/Townhome under $600K $407,617 -2.42% $399,900 -4.33% 27 -1 189 Condo/Townhome over $600K $755,051 1.88% $698,880 -3.85% 17 -1 58 Contra Costa County, CA Single Family under $1M $532,167 1.05% $498,000 2.05% 42 -3 975 Single Family over $1M $2,086,584 5.24% $1,699,000 2.67% 68 2 454 Condo/Townhome under $600K $355,286 2.36% $349,500 5.94% 30 -2 182 Condo/Townhome over $600K $734,172 1.31% $724,999 0.83% 20 5 56 Monterey County, CA Single Family under $1M $568,607 -2.28% $519,450 -7.08% 71 / 16 -3 / -78 309 Single Family over $1M $3,662,292 0.40% $2,095,000 -0.24% 161 / 10 -5 / -134 298 Condo/Townhome under $600K $322,434 3.83% $305,000 -6.30% 72 / 45 -3 / 45 35 Condo/Townhome over $600K $929,938 13.87% $839,000 8.96% 131 / 38 43 / 38 24 San Benito County, CA Single Family under $1M $580,165 -1.87% $529,000 -2.94% 104 / 10 -12 / -22 64 San Mateo County, CA Single Family under $1M $780,580 3.76% $794,888 4.59% 27 / 9 -2 / -11 80 Single Family over $1M $4,390,247 8.99% $2,288,800 14.50% 72 / 9 4 / -12 234 Condo/Townhome under $600K $463,969 2.96% $468,000 -0.21% 14 / 15 -4 / -1 25 Condo/Townhome over $600K $1,002,913 1.86% $868,000 5.21% 36 / 14 -5 / 4 42 Santa Clara County, CA Single Family under $1M $754,971 3.98% $765,000 3.52% 33 / 23 0 / 11 516 Single Family over $1M $2,555,419 -3.66% $1,850,000 -5.52% 53 / 13 5 / 0 593 Condo/Townhome under $600K $449,515 3.44% $450,000 2.74% 23 / 19 4 / -3 131 Condo/Townhome over $600K $905,763 0.86% $848,000 0.00% 18 / 14 0 / 6 117 Santa Cruz County, CA Single Family under $1M $694,762 3.17% $709,900 4.47% 55 / 55 2 / 40 222 Single Family over $1M $1,904,654 -3.45% $1,560,000 4.00% 81 / 11 -17 / -15 138 Condo/Townhome under $600K $412,789 3.00% $435,000 9.02% 72 / 3 5 / -8 57 Condo/Townhome over $600K $813,265 -2.00% $725,000 0.00% 104 / 18 0 / 0 30

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.

Sincerely,     Marcy Moyer Realtor® Direct (650) 619-9285 Cell Phone (650) 619-9285 Fax (650) 560-6290 CalBRE License Number: 01191194 marcy@marcymoyer.com www.marcymoyer.com Keller Williams