In June, our Southern California agents presented 140 offers to listing agents and 80 of those, or 57%, were on homes with at least one other offer, down from 65% in May.
Joyti Goundar, one of our all-star agents in Southern California worked on 39 offers in June and 30 of them were on listings with multiple offers. “Things are so competitive right now, many listings are getting 5 – 10 offers so you have to put your best foot forward and make a strong offer,” says Joyti.
One of Joyti’s clients recently bought a home in Pasadena that had 16 other offers. To show they were serious about buying the home, her clients’ offer included a 40% down payment, 3% earnest money, no appraisal contingency and an inspection contingency reduced from 17 to 10 days.
However, sometimes putting their best foot forward isn’t enough. Another one of Joyti’s clients made an offer over listing price, with a 25% down payment and an inspection contingency reduced from 17 to 10 days. The sellers rejected the offer. There were 18 offers and the sellers were countering with the top nine.
A lot of this competition is due to families with school-aged kids trying to buy in between school years. “The summer market is always busy because parents want to buy and get settled before the school year begins,” says Joyti.
Where are you seeing listings with multiple offers?