In July, over half the offers our agents presented to listing agents in Southern California were on homes with at least one other offer.
To Anna Nevares, our rock-star agent in San Diego, this number seems low:
It feels like almost all my clients are bidding on homes with multiple offers. Nearly every bank-owned home has more than one offer and many regular sales are also aggressively priced to attract multiple offers. If you think you’ve found a good home with a good price, chances are a lot of other buyers have also found that home.
Anna’s Tips For Multiple Offer Situations
While it can be tough to be a buyer right now in San Diego, there are certain things you can do to improve your chances of having the winning bid on a home with other offers. Check out Anna’s four tips:
- Be prepared to pay close to or above the listing price. Home-buyers often have to bid and miss on 2 – 3 homes with multiple offers before they understand that they need to start with a strong offer.
- Get the best financing. If you aren’t a cash-buyer, get a conventional loan if you can. Sellers, especially banks, aren’t that excited about FHA or VA loans.
- Be the first one into the pool. Especially with bank-owned homes, come in with a strong bid late so you can get a feel for what other buyers have already offer and decide where to price yours.
- Be patient. Multiple offer situations always take a while and if you’re dealing with a bank, they take even longer.
What are you experiences with multiple offers?