[quote=patb]The reason i’m asking, is i’m thinking of making
an all cash offer on a decent place but the agents
are “We have several outstanding offers”, well
that’s fine, i’m not getting into a bidding contest.
I’d rather bid low all cash and lose out then
overbid and get hosed, especially in a deflationary environment.[/quote]
Not all market segments are deflationary right now.
Honestly only a few are.
I just had a client who made an offer on a short back in may at $440k for large house in Clairemont (like 1900 sf). We finally got approval and they got cold feet.
The other night he calls me to find out prices on some places he has noticed for sale. A similar place now runs about $480k.
Considering that the monthlies are comparable with rents and supported by area income at that price, I consider those prices unlikely to drop any time soon.
Of course a major economic event could change this, but the stability is suggested by standard and demonstrable history going back to the 1940s.
The point is that all offers should be based on solid number-crunching.
