52% Of Offers Are On Homes With Multiple Bids
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?
