Multiple offers oh my!
When you hear all the word on the street about foreclosures and bank owned properties it seems strange to hear about homes receiving multiple offers. And these are not spectacular homes for the super wealthy they are simply nice homes in nice neighborhoods that are beginning to be priced more conservatively. In Alameda I now know of 2 homes that have gone over asking price. One very nice although small 3 bedrooom home in the East End was priced at $550 and received 11 offers. Another in more central Alameda priced at $605 received 3. A fixer, and I mean a real fixer on the East End that is priced at $399 seems poised to do the same. To be sure there are still homes that have been on the market 60-120 days or longer and do not seem to be attracting interest. But it is proof there are still buyers willing to spend a little more for quality.
The old adage that something is worth what someone is willing to pay for it is as true today as ever.
Whats going on? The market decides the value of a given property. No more and no less.