If you have been shopping for a home in San Diego for a while it is no surprise the competition is fierce. As a full time San Diego real estate agent, I can tell you numerous stories of the lengths people will go to to have their offer be the one the seller selects. Cookies, wine, personal stories and flowers are just a few of the offerings buyer’s give to seller’s. But ultimately at the end of the day the thing most seller’s look for is the highest and best offer. Hence many buyers find themselves offering over the listing price for their perfect home.
The truth is an additional $20,000 or $30,000 dollars in a mortgage roughly equates to giving up that daily Starbucks. Most people can afford the small increase in their payment as our interest rates remain extremely low, making money, well “cheap”.
The chart below, provided by the California Association of Realtors, illustrates the trend in offering over the listing price. Throughout California in 2013, we saw highest increase in offers over list price. 50% of the time offers came in over the seller’s asking price. This is a huge leap and reflective of the abnormally low inventory throughout our state. California as well as San Diego continues to be a seller’s market!
2013 Was the Year of the most Offers Over the Asking Price
Tami McCraw
