By Peter Nielsen
(Marin Realty Experts)
I've been working with 2 first-time homebuyers and we keep running into multiple buyers that are bidding up prices well beyond the list price. Last week we offered $410,000 on a home in Petaluma (Sonoma County) that was listed for $389,000 and didn't get it. There were 14 offers. Today, I learned that another client of mine didn't get a home in American Canyon (Napa county) for which we offered nearly 6% above the asking price, and there were 20 offers! Maybe it is the fact that the $8000 federal tax credit will expire at the end of November, or maybe it's just that buyers are sensing that prices may have hit bottom, but for whatever reason, it seems, at least for some segments of the market, that the days of multiple offers and overbids are back!