Fifty-five agents left their business cards at my client’s home between Friday, March 23th and Monday, March 26th. The house is in the Classic Fountain Valley tract, north ofWarner Avenue and east ofNewhope Street. The house was professionally staged and photographed.
I hosted the first open house on Sunday 3/25. Potential buyers came in droves. One agent brought an offer to the open house. Another agent dropped an offer at my office on Monday. The sellers are moving toSan Clementewhere they purchased a house a few years ago. Mr. Seller has worked for the same company for forty-six years and is just about to sign his final paycheck. I believe real estate is as much about relationships as it is about the numbers. After consulting with my clients I invited agents to present their buyer’s offers in person.
Each of the five agents that accepted was given twenty minutes to convince the sellers that their clients were the most deserving. Some buyers wrote letters to the sellers and others sent family photos. This was reminiscent of the 2003-2006 real estate market. As my clients and I reviewed the offers, we also ascertained that the buyers’ had included their bank statements to show proof of funds to close escrow, FICO scores, pre-approval letters from their respective lenders and copies of their $15,000 deposit checks. The house is listed for $569,900. The seven offers ranged from $540,000 to $578,100. One was an all cash offer for full price. The sellers could have rejected all the offers, accepted one offer or they could issue a counter offer to one or more of the buyers. On Wednesday the sellers issued a counter offer to two of the prospective buyers. It contained five conditions the most significant of which was the sellers request that the buyers remove the appraisal contingency. If the buyers opt to do that, they are purchasing the house at $578,000 regardless of the appraised value. One of the offers stipulates a fifty percent down-payment and the other has a twenty-five percent down payment.
The result? Both sets of buyers accepted the seller’s terms. The sellers sold to Gino, Sarah and their 7 year old daughter, Emma. Suddenly, the Fountain Valleyhousing market is sizzling hot. It’s a matter of supply and demand. There are only 49 single family homes and 18 condos available in Fountain Valleythis week. The seller on my newest listing in the Meadow Homes tract, south of Talbert Avenueand west of Bushard Streetis in receipt of four offers since the first open house on April 1st. The buyers are comprised of a dentist who works inNorco, an engineer with Hundai inFountain Valley, a CEO of a rehabilitation facility and a PhD Associate Professor of Mathematics and Statistics at aLos Angeles college. The offers range from full price to eleven thousand over full price. I had only uploaded the listing in the Multiple Listing Service on Wednesday. It too had been professionally staged and shows like a model home. Some may consider the fact that it backs toBushard Street a negative but in this tight market it doesn’t seem to be a factor. Multiple offers are back folks. Spring is always the best time to list a home for sale and this spring seems to be no exception.