Have you heard what is going on in the San Diego housing market? A feeding frenzy of frantic investors and first time home buyers all trying to get their little slice of heaven before the market turns and the tax credit expires. It is common to see 50 or more offers on any bank owned property within two days of listing on the MLS. Even short sales are getting multiple offers in record time. Open houses are drawing people by the scores! We are down to only 2 months worth of housing inventory compared to over 10 months worth one year ago! It can only get crazier as we near the deadline unless a wave of foreclosores hits the market.
So we San Diego Buyers Realtors find ourselves in the uncomfortable position of competing with dozens of other offers, making offers well above what the home could ever possibly appraise for just to get ours client’s offer accepted. In this marketplace it’s who you know and to be an agent with a reputation of getting the deal done. I have been networking with investors and that has opened up opportunities for my buyers to bid on properties pre-MLS. One other deals I call and have a frank discussion with the listing agents and let them know I am not interested in making frivolously high offers that will not appraise, but I AM interested in bringing them a solid buyer that will perform. Those flowery cover letters of yesteryear do not work in the San Diego market right now. This frank talk has worked very well getting my offers accepted but I still had to offer 30K above the nearest comp (100% VA financing). Let the games begin!
It’s the wild wild west out here right now and you’ve got to saddle up and get creative, riding with guns blazing! Folks are staking their claim to their little slice of heaven and who wouldn’t want to live in America’s Finest City. And BTW, the Mythical Green Flash is real! I saw it myself for the first time recently while enjoying a La Jolla Sunset. Life sure is sweet!