No_Such_Reality_IHB
New member
Currently the buyer pool is very competitive for properties below $500,000. In other threads, the OC register and first hand experience speaks to the bidding wars and competition erupting on teaser priced properties in the sub $500K range results in tens to hundred plus offers.
A recent property I looked at ended up with over 50 offers and reporting many in the 15-20% over the teaser list price. Putting the likely high bidders in the high 400s. With a 20% down if it's not an all cash deal, the loan will be an old fashion conforming sub $417K.
My question is, how deep does the buyer pool run? I've spoken to other people at the same homes I've looked at. You see the same people, home after home after home. Well, actually, it's week after week after week, because the inventory of realistically priced homes on the market is so spartan, that it's takes weeks to see a few properties that are reasonably price.
So week after week, you see the same 50+ realtor cards, the same 50+ groups checking out the one or two properties that are available.
How deep does that the locust like buyer pool scrambling and fighting over properties run? It may seem indefinite to the realtor currently because buyers aren't drying up. That brings me to two questions: how deep is the pool of buyers for properties in the mid-$400K range. And is pool not drying up because volume is so low or because buyers with the low rate perceive pricing to be competitive with rents?
A recent property I looked at ended up with over 50 offers and reporting many in the 15-20% over the teaser list price. Putting the likely high bidders in the high 400s. With a 20% down if it's not an all cash deal, the loan will be an old fashion conforming sub $417K.
My question is, how deep does the buyer pool run? I've spoken to other people at the same homes I've looked at. You see the same people, home after home after home. Well, actually, it's week after week after week, because the inventory of realistically priced homes on the market is so spartan, that it's takes weeks to see a few properties that are reasonably price.
So week after week, you see the same 50+ realtor cards, the same 50+ groups checking out the one or two properties that are available.
How deep does that the locust like buyer pool scrambling and fighting over properties run? It may seem indefinite to the realtor currently because buyers aren't drying up. That brings me to two questions: how deep is the pool of buyers for properties in the mid-$400K range. And is pool not drying up because volume is so low or because buyers with the low rate perceive pricing to be competitive with rents?