Eau Claire Real Estate Market Update -- the South Side is HOT!
Posted Mar 18, 2008 @ 9:39 pm, Viewed by 362 Visitors, Read 366 Times.I've been working woth a young couple eager to buy a house on Eau Claire's South Side for the past month or so. Just in working with this one couple, I can cite numerous examples of the real estate market being very good on the South side of Eau Claire.
Early one week, the buyers emailed me a list of ten homes they wanted to see the following weekend. I checked the MLS and noted that four already had accepted offers. By the time the weekend rolled around, one more had an accepted offer. The buyers were not interested in getting into a bidding war because, hey, it's a buyer's market, right? So five were scratched from the list.
None of the remaining five seemed to match their needs, so they found 2 more for the next weekend. By the time the next weekend rolled around, one of them had no less than THREE offers on it. It had been on the market less than 3 days.
We looked at one house that weekend, and it was okay. It would work but they didn't fall in love with it.
The following week, they found another two they wanted to see. One looked promising and had only been on the market for 3 days (no offers yet!). The other represented a step down; they had begun to compromise their standards. That one was a dog. I also found a third house for them to see. This third one was listed the day before and seemed perfect on paper.
They toured the third house and loved it. We wrote and submitted an offer that day, the second day the home was on the market. The seller actually received a second offer the next day. At this point, it is instructive to recall that the buyer was not interested in being involved in a bidding war two weeks ago. Now, sick of being beat to the punch, they decided to counteroffer with what we thought would be an irresistable offer in this market -- full asking price, no contingencies except financing (and they were preapproved).
We were STILL not able to beat the other party's offer. Our second offer was full price, with basically no contingencies. And we didn't get the house. Did the other party offer over asking price? We won't know for sure until after the closing.
But one thing is certain: The housing market on the South side of Eau Claire is not nearly as bad as some would have you believe.
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I believe that real estate consumers do not have enough choices, and I am on a mission to solve that problem in my town of Eau Claire, Wisconsin. Read More
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We have had similar experiences here in our market. The best homes with the best price and marketing are still selling well. Those that choose to overprice or not prepare their home for market do so at their own peril. With inventory high and motivated buyers at a premium I've noticed that the best homes are still often receiving multiple offers.