With winter visitor/snowbird season in full bloom it's no surprise the real estate market in the Catalina Foothills is now even more busy, more competitive and more frustrating for buyers than it was last year. And, to put it politely, last years market was very challenging.
In the last few weeks there have been a constant stream of buyers at showings that I've attended. Constant. And the number of offers being tossed at anything that's halfway decent combined with a dearth of new listings is making it very difficult to buy a home.
And the 22% increase in median sold prices for the 960 homes that sold last year does not appear to be putting even a dent in buyers enthusiasm to further bid up the price of homes. Also we're seeing more new listings that are structured to create a silent auction. They contain specific information as to when the seller will review and respond to offers. Yes, increasingly it is now assumed that the listing will receive multiple offers.
For instance; a new listing appears in the MLS on Thursday March 10th with the following information;
Please submit your offer by Sunday March 13 and allow adequate time for the Seller to review and respond to offers on Monday March 14.
They're setting up the conditions for a silent auction and inviting a bidding war. And because there are more buyers than there are homes for sale it is becoming more commonplace to do so. And since there are more buyers out there with cash, more sellers are looking only at CASH offers. They don't want to and don't have to deal with the contingencies and uncertainties of an offer that comes with a mortgage.
In those circumstances it boils down to making the best offer you are willing to make for that home, period. Because it is likely you will get just one shot at it. And if your offer isn't the best offer the house is going to go to someone else. And if you don't get it, with so few homes for sale, how long will it be before you find another home that you like as much. And if and when you do find another one, is it going to be less $$ or more, than this one. Harsh, grim, yep kinda, but that's the market.
Checkout the Market Snapshot for the latest numbers on what's for sale, in contract and sold
Take care, stay well
John Schneider /Realtor®
Tierra Antigua Realty
johnschneiders@gmail.com
520 271-4164
see my website TheFoothillsToday.com
to find your Catalina Foothills Home
