We're Back to Multiple Offers

The real estate frenzy of multiple offers in the Sacramento Region is back, just as it was at the height of the market a few years, only now it's at the opposite end of the spectrum. We have plenty of inventory; however, the homes priced really well are getting multiple offers the first day on the market.

I was out showing homes in Elk Grove in the $210-240k range. There are a lot of buyers in this price range. After looking at several homes last weekend that all had multiple offers on them, I told this particular client that we needed to jump on a home the day it came on the market. So that's what we were doing, but we weren't alone. The first house we went to, which was new on the market that day, had buyers inside the house, we were next and as we were waiting, more buyers showed up. That house was pending by the next morning. Same thing happened at the second house we went to, which was also new on the market that day.

The days of waiting a few days to weeks to make an offer on a home -- that is priced well -- are over. Homes are flying off the shelf. I'm not sure if we're at the bottom of the market yet, but if you're on the fence, now is the time to get off.