San Diego real estate sees multiple offers and above asking
December 29th, 2008 Categories: Real Estate News, San Diego County Fixer of the Week, San Diego county Real Estate News
SAN DIEGO– Sir Isacc Newton said that for every action there is a reaction and that is evident in today’s real estate market.
It’s no secret that many areas`are seeing significant reduction in housing prices and significant increases in foreclosures, which is the “action”. The “reaction”, many areas are seeing a greater number of buyers and this is creating a 2002–2005 market feel with multiple offers and sold prices coming in over the asking price.
Starting late summer, when foreclosures where really hitting the markets in high numbers, there were areas of north county that saw increase in number of homes sold as high as 300%. Some areas of Oceanside saw increases over 200% and that’s where our story takes place.
I have a first time buyer looking in the Rancho Del Oro area of Oceanside. We are primarily focusing on 3 bedrooms homes under $350,000 which there are plenty of. The real struggle for him and at times for me often comes from the perception created by the news that homes are being given away everywhere and the real estate market is lousy. Just throw out an offer as banks are begging buyers to take the homes is not an accurate portrayal.
In many areas, prices have fallen to a point where there are often many people competing for foreclosed/ bank owned homes. These are both investors who are scooping up properties now for large profits later and owner occupied buyers looking to take advantage of the low prices and interest rates. Looking back to early November for the sold homes that fit our search parameters set up for this client, there have been 24 homes sold 
in the last 45 days. Of these, 24 homes sold in the Rancho Del Oro area 20 homes sold for at asking price or over. Actually 16 homes sold for over asking and some over 10% above the asking price.
This home on 3 bedroom 2.5 bath home on Sandalwood was listed at $292,000. It was on the market for 21 days and sold for $335,000. Another example is a 4 bedroom 3 bath home on Via Isidro that was listed at $345,000 yet closed for $375,000.
Just today I spoke with an agent who has a listing in the Mira Mesa I have clients interested in. It has been on the market for 5 days, this includes the Christmas holiday period, and he has 5 offers. I truly believe this home will sale for over the asking 
price as the last sold homes were $259,000 and $279,000. He has the bank owned home listed at $222,500. It does need work, but has several upside qualities.
So, what’s the message? The real estate market is not static and resists generalities over large areas and San Diego county is a large area. Comparable home sales still matter, so you need to use them in your decision making process. When it comes down to the comparable sold homes versus headlines, the comps will win every time with the bank.
Contact me any time with question or to help with your real estate adventures. 760.415.3329
