There’s no getting around it. We’re in a bidding war frenzy—not just here in San Diego, but around the nation.
With fewer homes on the market and demand only increasing, homes are selling for much more than their asking price and are sold in record time. (This is just one of the reasons it’s such a good time to sell your home right now!)
In San Diego County, the median price for a home in April was $825,120, according to the California Association of Realtors. Considering that that the median price was $671,000 a year ago, that should tell you we’re still in a strong seller’s market right now. And it should show you how much harder it is to buy a home on your own.
That’s why we recommend working with a local real estate agent to purchase your next house. Here are a few reasons why:
A real estate agent can help you determine how much to bid.
On any given home, there are plenty of people bidding over the asking price. In fact, some are bidding tens or even hundreds of thousands of dollars over asking price just to be in the running.
So how much higher should you bid in your specific situation? That’s not an easy question to answer—and it’s one an expert should help you discern.
Talk to a real estate agent about how much you should bid on a home so that you don’t end up losing money unnecessarily.
A real estate agent can help you craft a compelling bid.
Bidding is not just about the money. There are many ways to make your offer irresistible to a seller.
Since bids are extremely competitive right now, some people’s offers contain extra stipulations to benefit the seller in hopes of landing the purchase. But some buyers have gone so far that they’re putting themselves at more risk than may be best.
Ask your real estate agent what contract stipulations you can maneuver in the seller’s favor without putting you and your family at too much risk.
A real estate agent can help you know which houses (and how many) to bid on.
In today’s bidding war frenzy, many buyers are bidding on multiple homes in hopes of winning just one of them. Real estate agents in San Diego are seeing buyers place bids on as many as 5 to 15 homes at the same time and still not nab one. For right now, this is normal, and it doesn’t mean you should give up.
A real estate agent will help you determine which houses you’re best positioned to bid on and how many is wise to bid on at the same time. This saves you money and time in the long run.
A real estate agent will help you know when to pull out of a bidding war.
Sometimes a seller has so many bids that it’s not worth it to increase your offer to get the home. It’s a fine line, and it’s different for each family. A real estate agent will know how to help you determine where that line is and when to pull your bid.