Mike’s Real Estate Show

Mr. Pete Phillippee is back in the saddle as am I. We’ll both be in the studio this Sunday to take another look at the interest rate market, check on availability of loan products and explore where this market is going–Heck in a handbasket? But spring has sprung and sales are up. If you’re an investor or first timer wishing to take advantage of this great “Buyer’s market” welcome but get used to hearing, “There are 15 offers on this REO property and we need to overbid!” HUH?!! I thought I was going to get a deal?

You are but it’s going to be a battle to get there! I’ve had Realtor friends of mine tell me they are seeing multiple offers when a property hits the market which fits a rarity niche. I put a full price, cash offer on a “triplex” unit in Oakmont recently. The folks wish to leave their “assisted care” living arrangement and go back to a smallish unit with a real patio, their own manageable “yard” and privacy!!  Another couple wanted a smallish home in a “open community” and one came up in Skyhawk which generated multiple offers, however, many other homes up the hill in the $700,000+ price point sit lanquishing. Go figure!! It’s kinda like the wild, wild west here in Sonoma County. Welcome to the fray!