Menlo Park Ca Multiple Offers, What Should I Do?

Anyone trying to buy a home in Menlo Park right now knows that it is tough out there. There are many more buyers than sellers and many Menlo Park 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 Menlo Park 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 Menlo Park 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 Menlo Park 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 Menlo Park 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 Menlo Park real estate agent he or she can help guide you through the murky waters of Menlo Park multiple offers.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty 

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

Menlo Park Ca: the Perils of Non contingent Offers For Sellers

In this crazy market of homes getting five, ten, fifteen, even twenty offers, everyone knows that buyers are taking a risk when they make a non contingent offer on a Menlo Park home. This means that the buyer is waiving all rights to inspect the house as well as any rights to back out of the offer on the Menlo Park home for sale if the bank turns down the request for a loan. A non contingent offer on a Menlo Park home also means that no matter what the home appraises for, the buyer agrees to make up the difference in cash.

Here is how it works.  The home is listed for $995,000. The winning offer is $1,300,000. The buyer is going to put 20% down or $$260,000 and get a loan for $1,040,000.  The buyer shows proof of funds of $350,000.

Now let's say the Menlo Park real estate agent representing the seller believes that the comps for the house proved the home was worth between $1,100,000 and $1,150,000 and is suggesting listing under a million to generate a lot of offers.

If the seller picked a great Menlo Park real estate agent then he or she should be very confident that an appraiser will also feel the home is worth $1,100,000 to $1,150,000. If the home appraises for $1,150,000 then the bank will loan 80% of that number or $920,000 and the buyer will need $380,000 for the down payment as well as money for closing costs and reserve requirements from the bank.

You can see from this example that the buyer of this Menlo Park home for sale is going to be in trouble. With only $350,000 in available cash the deal is not going to work.  This buyer has aspirations that do match with his/her wallet.

The consequence to the buyer is that the non contingent offer does not give him/her an out and the 3% deposit made with the offer is at risk of being forfeited. This is common knowledge, but what about the risk to the seller.

People rarely talk about the seller's risk in a transaction. Even in this hot Menlo Park seller's market the seller can be left in a bad situation if the first buyer can not perform. You may have a back up offer but that person may have already found another home or had a change of heart. The word will get around that the home only appraised for $1,150,000 and so getting $1,300,000 for your Mountain View home may be tough. Getting $1,250,000 at this point could be tough.  Also, you could potentially lose weeks of time which can disrupt the plans of a Menlo Park home seller, or put the house back on the market at a less favorable time.

The lesson to be learned here is that in looking at offers the highest may not be the best. Your Menlo Park Real Estate agent should help you analyze which potential buyer has the best chance of closing the deal the first time around.

If you have any questions about selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Menlo Park Ca Real Estate Market Update 5/18/2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 35 single family Menlo Park homes for sale up from 25 last week.

There are currently 9 Menlo Park town homes/condos up from 4 last week.

There are currently 36 pending sales of Menlo Park single family homes up from 27 last week.

There are currently 4 pending sales of Menlo Park homes/Condos  down from 6 last week.

This week there were 12 new Menlo Park single family home listings and 3 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way.

In April of 2014 there were 28 single family Menlo Park homes sold ranging in price from $648,000 to $4,985,000.  In April of 2013 there were 9 Menlo Park Town Homes/Condos sold.   The prices ranged from $630,000 to $1,725,000. 

Of the 28 Menlo Park sales in April of 2014 only 7 were sold with all cash, the other 21 or 75% were financed. This is a very good percentage as about 33% of homes in the area are being sold with all cash.  Of the 9 condos sold, 7 were all cash. This is a fluke, I hope. I think it also represents a large number of move down buyers, not just investors. Since prices are so high and many homeowners in Portola Valley and Woodside are tired of their acre plus lots and high maintenance homes, there are a lot of cash buyers who are buying condos right now.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of getting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Menlo Park Ca Real Estate Market Update 5/4/14 Happy Star Wars Day!

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 25 single family Menlo Park homes for sale up from 20 last week.

There are currently 4 Menlo Park town homes/condos down from 5 last week.

There are currently 27 pending sales of Menlo Park single family homes up from 26 last week.

There are currently 6 pending sales of Menlo Park homes/Condos  up from 5 last week.

This week there were 11 new Menlo Park single family home listings and 1 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way.

In April of 2014 there were 28 single family Menlo Park homes sold ranging in price from $648,000 to $4,985,000.  In April of 2013 there were 9 Menlo Park Town Homes/Condos sold.   The prices ranged from $630,000 to $1,725,000. 

Of the 28 Menlo Park sales in April of 2014 only 7 were sold with all cash, the other 21 or 75% were financed. This is a very good percentage as about 33% of homes in the area are being sold with all cash.  Of the 9 condos sold, 7 were all cash. This is a fluke, I hope. I think it also represents a large number of move down buyers, not just investors. Since prices are so high and many homeowners in Portola Valley and Woodside are tired of their acre plus lots and high maintenance homes, there are a lot of cash buyers who are buying condos right now.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of getting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Menlo Park Ca Real Estate Market Update 4/28/14

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 20 single family Menlo Park homes for sale up from 13 last week.

There are currently 5 Menlo Park town homes/condos up from 3 last week.

There are currently 26 pending sales of Menlo Park single family homes down from 27 last week.

There are currently 5 pending sales of Menlo Park homes/Condos  up from 3 last week.

This week there were 9 new Menlo Park single family home listings and 3 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way and a lot more than on Easter Week.

In March of 2014 there were 26 single family Menlo Park homes sold ranging in price from $442,000 to $4,873,050.  In March of 2013 there were 9 Menlo Park Town Homes/Condos sold.   The prices ranged from $673,000 to $1,335,000. 

Of the 26 Menlo Park sales in March of 2014 only 8 were sold with all cash, the other 18 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties. Of the 9 condos sold, 3 were all cash, or about 33%.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Menlo Park Ca Real Estate Market Update April 20, 2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 13 single family Menlo Park homes for sale down from 19 last week.

There are currently 3 Menlo Park town homes/condos down from 4 last week.

There are currently 27 pending sales of Menlo Park single family homes down from 34 last week.

There are currently 3 pending sales of Menlo Park homes/Condos  down from 4 last week.

This week there were 2 new Menlo Park single family home listings and 1 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way as this week had Easter Week-end.

In March of 2014 there were 26 single family Menlo Park homes sold ranging in price from $442,000 to $4,873,050.  In March of 2013 there were 9 Menlo Park Town Homes/Condos sold.   The prices ranged from $673,000 to $1,335,000. 

Of the 26 Menlo Park sales in March of 2014 only 8 were sold with all cash, the other 18 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties. Of the 9 condos sold, 3 were all cash, or about 33%.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Menlo Park Ca Real Estate Market Update 4/13/14

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 19 single family Menlo Park homes for sale down from 20 last week.

There are currently 4 Menlo Park town homes/condos down from 6 last week.

There are currently 34 pending sales of Menlo Park single family homes up from 24 last week.

There are currently 4 pending sales of Menlo Park homes/Condos  up from 2 last week.

This week there were 8 new Menlo Park single family home listings and 1 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way and it is an increase from last week.

In March of 2014 there were 26 single family Menlo Park homes sold ranging in price from $442,000 to $4,873,050.  In March of 2013 there were 9 Menlo Park Town Homes/Condos sold.   The prices ranged from $673,000 to $1,335,000. 

Of the 26 Menlo Park sales in March of 2014 only 8 were sold with all cash, the other 18 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties. Of the 9 condos sold, 3 were all cash, or about 33%.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Menlo Park Real Estate Market Update 4/6/2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 20 single family Menlo Park homes for sale down from 26 last week.

There are currently 6 Menlo Park town homes/condos up from 4 last week.

There are currently 26 pending sales of Menlo Park single family homes the same as last week.

There are currently 2 pending sales of Menlo Park homes/Condos  down from 8 last week.

This week there were 4 new Menlo Park single family home listings and 1 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way. 

In March of 2014 there were 26 single family Menlo Park homes sold ranging in price from $442,000 to $4,873,050.  In March of 2013 there were 9 Menlo Park Town Homes/Condos sold.   The prices ranged from $673,000 to $1,335,000. 

Of the 26 Menlo Park sales in March of 2014 only 8 were sold with all cash, the other 18 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties. Of the 9 condos sold, 3 were all cash, or about 33%.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Menlo Park Ca Real Estate Market Update Marcy 30, 2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 26 single family Menlo Park homes for sale up from 22 last week.

There are currently 4 Menlo Park town homes/condos the same as last week.

There are currently 26 pending sales of Menlo Park single family homes down from 26 last week.

There are currently 8 pending sales of Menlo Park homes/Condos  down from 9 last week.

This week there were 7 new Menlo Park single family home listings and 1 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way. 

In Feb. of 2014 there were 17 single family Menlo Park homes sold ranging in price from $1,041,000 to $3,650,000.  In Feb of 2013 there were 4 Menlo Park Town Homes/Condos sold.   The prices ranged from $545,000 to $1,551,000. 

Of the 17 Menlo Park sales in January of 2014 only 6 were sold with all cash, the other 11 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Menlo Park Ca Real Estate Market Update 3/22/2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 22 single family Menlo Park homes for sale the same as last week.

There are currently 4 Menlo Park town homes/condos the same as last week.

There are currently 29 pending sales of Menlo Park single family homes the same as last week.

There are currently 9 pending sales of Menlo Park homes/Condos  the same as last week.

This week there were 6 new Menlo Park single family home listings and 1 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way. It is very odd that everything is exactly as last week.

In Feb. of 2014 there were 17 single family Menlo Park homes sold ranging in price from $1,041,000 to $3,650,000.  In Feb of 2013 there were 4 Menlo Park Town Homes/Condos sold.   The prices ranged from $545,000 to $1,551,000. 

Of the 17 Menlo Park sales in January of 2014 only 6 were sold with all cash, the other 11 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

How Much Over Asking Are Menlo Park Homes Selling for in 2014?

Anyone trying to buy a home in Menlo Park right now knows that it is tough out there. There are many more buyers than sellers and many Menlo Park 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 Menlo Park 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 Menlo Park 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 Menlo Park 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 Menlo Park 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 Menlo Park real estate agent he or she can help guide you through the murky waters of Menlo Park multiple offers.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty 

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285