| > Homes in America and Britain are selling faster than ever. I only made it this far in the article (roughly the third sentence) before I had to drop it come here to tell a story of a one week delay (likely) costing my family $200k. My mother just sold our childhood home she owned for 39 years. It’s 20 minutes south of San Jose/the Bay Area. Has she been one week earlier posting it she likely would’ve got $200,000 more. Here’s what happened… The house was listed originally at about $1.5 million (Great view but oh my God does it need reno - I digress). After a bidding war and a triggered ratchet (forget exactly what this is called but I’d never heard of it before) auto-bidding an extra $30k ish boost - she had a $1.7 million offer contingent only on the buyer selling their Cupertino house. She also had a back up offer in the mid $1.6M range. The sellers ended up not being able to sell their house in Cupertino where just a week or two earlier homes were flying out of inventory before they even made it onto the MLS. Backup offer also fell through. They ended up taking an offer they’d already rejected (buyers came back with a slightly better lowball offer) which was right at the listing price, $1.5 million. We’re hopeful it will close but the buyers may not be able to finance now with rate hikes. STORY 2
My stepfather is a private fiduciary and sells a lot of homes from estate sales for trusts he manages in the Bay. Literally in the last week or so they’ve gone from getting bids at hundreds of thousands over to bids at or below listing price (and accepting them). I say this because even looking at data over the last month would be stale as, at least in the few data points I have in Silicon Valley, the bottom seems to be rapidly dropping out of the market and it’s changing on a day by day basis. |