The Following Arcticle is from the Spring 2007 Newsletter
Q. We’ve been to a couple of open houses and they’re in escrow. What’s going on?
Often times, a real estate agent will hold open houses after they have accepted an offer. Agents do this when the escrow is still fresh and the people buying the house have open contingencies and could potentially blow out of the deal. A back-up often provides nice security and often prevents cancellation.
The reason we have seen these “sold opens” of late is a result of the surge in activity the market is currently experiencing. The increasing inventory is now decreasing as buyers are back in the market snapping up properties in all price ranges. Many of the listings that have been on the market for months have now sold and buyers are all of a sudden dealing with a “low inventory market” and are having difficulty finding a house to buy.
If this activity continues into the spring and summer, we would expect to see prices increase.