From Redfin: "62% Of Offers Are On Homes With Multiple Offers"

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Strom said:
Very interesting:

http://blog.redfin.com/losangeles/2009/09/62_of_offers_are_on_homes_with_multiple_offers.html?src=live-stat-socal

Can't see it lasting, but I'm wondering who is buying at these still-inflated prices (speaking specifically to the West Side of LA).
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I swear, it's 2005/2006 all over again. I guess old habits die hard, but I'm willing to bet that once the tax credit expires it will cool things down a bit. Think about it, why not bid $40k more than when you know you'll get that $8k in additional downpayment back from the tax credit (assuming you use 80% financing)....errrr...the tax payers. I've heard from several agents that a common strategy that many desperate buyers use is to overbid for the property in hopes of getting the price reduced once the appraisal comes in lower.
 
"Figures don't lie, but liars figure". 62% of the offers were on houses with other offers? How many of the multiple offers on properties were coming from the same data set of offers? Maybe all 90 multiple offers in the set were spread out across only 9 properties, and the other 56 were single offers on other properties. I'm not suggesting anything, other than it is an extremely poorly chosen metric, if you can even call it that.
 
I think what they're saying is that 62% of the houses that were bid on had multiple offers (not that 62% of the bids were on houses that had multiple offers).
 
You mean that's what they mean? Because that is absolutely not what they're saying.

In August, our agents in Southern California presented 146 bids on homes for sales and 90 of them, or 62%, were on homes with at least one other offer, up from 52% in July.
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