patrick.net

tatupu70 says

Maybe you're right, but I don't see a huge motive there.

The motive is, the Realtor does not want to sell the house to a cheap low balling pigeon plucker. 250K median makes a lot more commission, than 150K median price. In the good ole days, a realtor only needed to sell a few a month to make good money. So it's not a numbers game where they are interested in working quantity. They want large commissions for adorning their Korean Luxury car in the drive way of the houses they are showing.

Obviously there aren't a conga line of buyers lined up out the door, or the house would be off the market, wouldn't it? The realtors hope to play on the psychology of the 2003 buyer. Buy now or be priced out for ever. Sales people are like old dogs with tricks. They stick with what has worked in the past. Not with the reality of the day.

TPB says

The motive is, the Realtor does not want to sell the house to a cheap low balling pigeon plucker

That's not what we're talking about here though. The poster is offering reasonable bids, afaict.

tatupu70 says

That's not what we're talking about here though. The poster is offering reasonable bids, afaict.

Define reasonable, I did see a 600K listing for a 1100sqft house the other day, over there in Lala land.

We are talking about houses in range of $500-$650k.

The OP just said the house was in the range of 500K-650K there are no other facts given. Nor did the OP disclose what they offered.

I see many houses pending in the Danville/Alamo area.. Especially if they are under $700k. More money than sense out there...

It is getting very common in bay area to have cash offers. Realtors now got facebook IPO as a reason to attract/intimidate buyers. Buy now or you will end up paying more once facebook go live.

Any and everyone who sold into the crazy 2000-2007 run up. For all the people that are now underwater on their mortgage, they have the lucky folks that sold them magic beans for a cool million to thank.

leo9 says

It is getting very common in bay area to have cash offers. Realtors now got facebook IPO as a reason to attract/intimidate buyers. Buy now or you will end up paying more once facebook go live.

Pull up the charts for Netflix, Groupon, FusionIO, Zygna, etc. etc. There is no guarantee that Facebook will fair any different. You think we would have learned our lesson from the dot com days. It seems this country is still drinking the "get rich quick" lemonade. Sad for the people who get caught up in the hype and end up passing on their savings to the insiders who are selling. You will hear about retired people in Florida all over Facebook because they use it to see pictures and videos of their grandchildren. They think they understand the money model, but all they know is that the tool is useful for socializing. Sad...