How much should I offer on a house in Bay Area?

How much should I offer on a house in Bay Area?

While in most of the United States, homes tend to sell at around or slightly below their list price, this is not the case in the Bay Area. Bay Area properties, on average, sell for 10-20\% above their list price, although homes can go for 50\%+ of list price.

Can you make multiple offers on homes in California?

Yes, in many cases it’s possible to make offers on more than one home at a time (though some local real estate laws might forbid it). But it might cost you money in the form of a lost deposit. Much depends on the wording of the contract and your local laws.

Do sellers wait for multiple offers?

When selling a home in a hot market, it is normal to get multiple offers. Sometimes, if the market is hot enough, the offers can start getting quite competitive, with bids going higher and higher. There are also times when sellers will price their home lower than it is worth just to start a bidding war.

Will the Bay Area housing market slow down?

Forecasts suggest that home prices will continue to rise across the region, but at a slower pace than the current year. Sales activity might slow down a bit as well, easing competition among buyers. But the tight supply conditions that have fueled our market over the past 15 months or so remain in effect.

Can you find out how many offers are on a house?

1. Ask the Listing Broker. That’s right! If you want to know about multiple offers, go straight to the horse’s mouth and see if you can get some indication.

Can you withdraw an offer on a house before it is accepted?

An offer to purchase a property can be rescinded or withdrawn at any time before it is accepted. For a rescission to be effective it must be given as a notice in writing and received by the other party. Rescission of an offer is not effective until it is delivered to the other party.

Do sellers always pick the highest offer?

Traditionally, the best way to win a bidding war is to offer the most money. Although the highest offer isn’t always the one that the seller chooses, money does talk. Ask your real estate agent to get in contact with the seller’s listing agent, who should have some key insights.

Do sellers always take the highest offer?

But do sellers always accept the highest offer? The short answer is no. While the offer price is certainly one of the main things the seller will look at, it’s not the only thing that matters. Savvy sellers (and sellers with smart Realtors) know that they need to consider the entire offer, not just the price.