Sunday, December 10, 2006
Multiple offers on fixers in the valley
There seems to be three buyer segments in Silicon Valley's home market right now. And this perspective is from single family homes in the sub $700k range. My buyers encountered multiple offers on the perfectly remodeled homes (those with the brand new feel, full new kithens and baths) and the same on 45 year old homes with 45 year old kitchens and baths. The opposite was true in the large middle segment. So, the flippers are well represented as are the buyers who are looking for turn-key homes. This even more so gives confidence to the flippers. But the buyers in the middle are few. I think many of these people read too much Mercury News.