What’s going on in this market? Why are homes going so wildly over the asking prices?
The difference is simple: no more lookie-loos. No more “let’s go look at open houses to get decorating ideas.” No more nosey neighbors: “let’s go see what our neighbors have done to their house.”
In order to visit homes in the Covid 19 world of real estate, buyers must have a formal Pre-APPROVAL letter, Proof of all funds needed to close and sign a special warning statement about COVID 19.
With no open houses and lots of restrictions in place, it’s SERIOUS buyers only. Motivated buyers are aggressively looking and willing to pay a BIG premium!
The result for good listings is high prices.
But who are the buyers and how are they affording these high prices in these economically volatile times: Some are all cash (like the buyer for 781 Burleigh Drive) but some are using some good, old-fashioned government loan programs like VA (Veterans Administration) Yes. In these strange times, government-backed loans are gaining in popularity.
Here are the two newest success stories:
1000 West Roses Rd. San Gabriel sold $ 163,000 over asking! The clients are off to a new Adventure. Sellers are leaving California for a new life in retirement.
781 Burleigh Rd. Pasadena $ 200,000 over asking! The clients are off to a new Adventure.