It’s a Seller’s Market in San Diego
1) Homes that are selling within a few days and generating multiple offers. In order to win at this game, buyers need to see homes on a daily basis and write an offer the instant they find a house they like. This is not easy for the average, working buyer and only the most diligent can make this work.
If a home does not sell within the first week or two, it is likely due to the fact that:
2) Sellers are getting greedy –It doesn’t matter which side you’re on. I’ve seen this trait in buyers and sellers depending upon which way the pendulum is swinging.
I’ve got some recent examples of this trend…
A buyer of mind recently fell in love with a home priced at $450K…the comps were all in the high $300’s…We wrote two offers at two difference prices, even consulting with an appraiser to find the highest value we could offer while still appraising. The sellers wouldn’t even respond to our offers. They were stuck on one price, regardless of whether or not it was reasonable.
Given the state of the market, the sellers indeed got their price, I’m just waiting to see if it appraises.
The same buyer just wrote an offer on a property that has had 8-9 offers over two months, Upon communicating our intent to write an offer, the listing agent conveyed that the seller would sell ONLY at full price, in as-is condition, and oh yes, there is a $1700 termite bill that buyer will need to assume!
We are absolutely back to 2003-5 years when everybody wanted to buy, and there was a shortage of homes on the market. Buyers have to jump through hoops to get a deal. I am concerned that the past is repeating itself for the worse.
I share all this to offer a glimpse into the nuts and bolts of buying a home right now as well as to convey a sense of where we are in the cyclical patterns of real estate. As far as I’m concerned, it’s a seller’s market. Buyers, do your homework, be smart about values, and work quickly in order to buy your dream home this summer! Sellers, it you’ve been waiting for a good time to sell, now’s your chance. Let’s talk about listing your home!