“You have to think that with 7 offers all at the same price, the buyers know what they are talking about. That is, the true market value of the house is really $1.150,”
With 7 offers at 1.15, the current market value is indeed probably somewhat higher that the 1.15. Of course, I don’t see the problem–just counter them all and see who wants it the most.
Even if the “current” market value of your home is 1.3 it is not hard to see why people would want to bid 10% lower given that a 10% further decline from here is “in the bag” to quote a well known realtor from the OC. I’m actually rather surprised you see such a small discount as a “lowball”. To me a lowball would be about 950.
It does certainly appear that there is a large contingent of buyers waiting to pull the trigger even in the million plus price point. Reminds me of the house at 1453 Heritage in Encinitas Ranch. I was 1 of 11 offers. Three of them including the highest was all cash. Of course that property was priced 100k below the 2003 builder price so I wasn’t surprised by the activity level.
If I was a seller I would be damn sure I had a very well qualified buyer before I accepted any offers. The rates are jumping all over the place. Maybe some of these 7 buyers locked in a rate and need to act fast.
