Over 30 Offers During A Recession

Recently, I had a listing in Orange County that attracted over 30 written offers. Since the property needed some work, my client decided to set the asking price slightly under market given the costs of fixing it up. Thanks to the overwhelming response, the property sold for significantly over asking price.

While technically the economy may be in a recession, what I experienced receiving over 30 offers told me something very different. Even though we may be living in interesting times, there is a good number of people sitting on cash, or who have easy access to financing, which is at historic rates. As a Realtor since 1996, I’ve seen a few cycles. It is my opinion that some investors may be seeking a safer haven than the stock market.

If you or your colleagues own a property that you might entertain discussing, or alternatively are looking to find a new property to purchase we should talk. By the way, I’m aware of a number of off-market real estate deals, and seller motivated properties.

Michael Stark, Broker Realtor
Broker Realtor, DRE# 01207862
P.O. Box 15424, Newport Beach, CA 92659
949-574-9474 phone | 949-606-0369 fax