The Northwest Valley Real Estate Market is growing Stronger by the Day

The developments of this past week continue to demonstrate to me how much the residential real estate market is changing, at least in our part of town.  One week ago I listed a beautiful home in Arrowhead Ranch.  We had two showings within the first three hours and more than 30 showings within the first five days.  The owners of the home accepted an amazing offer by the end of the first week.

Just as we listed their home for sale, the Arrowhead sellers wanted to look at a specific home we found that met their needs.  While the crowds were looking at their current home, I made arrangements to show my clients their new “dream home”.  Two days later, before they felt comfortable writing an offer, I found out that their future home was gone; the seller had accepted another offer before we could hit the switch.  That home had been on the market nine days.

With their home in escrow it was time for the sellers of the Arrowhead Home to start serious shopping for their replacement.  Sadly, their dream home was gone but they knew that the perfect home was waiting for them.  They also realized that the number of homes for sale that generally meet their criteria was very limiting.  Quickly we found a new perfect home.  After the second visit, I wrote a full price offer that was immediately signed and forwarded to the listing agent.  The following day I found out that the seller had received three full priced offers almost all that the same time.  Unfortunately, my clients were not chosen, but they are at least in back up position.  The search continues, I just sent three more homes to my clients.  All three generally meet their needs.  We will see.

Also this week another client accepted a counter offer from Fannie Mae.  It is an investment purchase; we have been countering each other’s offers for the past eight days.  My clients are excited that they came very close to their target price.  This new home is an investment home that Fannie Mae is allowing them to buy for 10% down using their HomePath financing program.  This home is also located in Arrowhead Ranch.  They will enjoy a positive cash flow even with just a 10% down, and that is amazing.

While I’m seeing more and more indicators that the Northwest Valley’s market is growing stronger by the day, the Fannie Mae transaction shows me that there are still great deals to be had.