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

About Michael K Stark.

Licensed in both Nevada and California, Michael specializes in commercial, industrial, triple net, and residential income property sales. Since 1996, Michael’s specialty has been as a buyer’s broker and tenant’s broker. Michael is best known for his custom tailored service helping 1031 investors find replacement properties. Another core specialty is helping sellers market and maximize the return on their property. From 2010 to 2020, Michael served as the Program Chairman of RIAOC (Realty Investment Association of California) booking over 400 speakers. Michael also served as a board member of the Newport Beach Association of Realtors MLS Committee. NV Broker Salesperson License #0146705, CA Broker License #01207862