Tuesday, April 8, 2014
Shocking Research on Multiple Offers
I knew we had a lot of multiple offers last year, but I am shocked that 98% of sellers received more than one offer in 2013. Although this graph addresses last year's data, we are still seeing multiple offers in 2014. In fact, my last three listings have had at least two offers and this has spurred bidding wars. The inventory shortage here in northern California has contributed to this trend and is one of the primary reasons real estate prices are escalating so quickly. See yesterday's post with inventory and $/sq' graphs for Shingle Springs, CA which depicts basic economics of supply and demand.