How To Win A Bidding War In A Competitive San Diego Market

Unsurprisingly, the real estate market in sunny San Diego is as hot as the weather. With the booming Southern California economy, picturesque beaches, and vibrant neighborhoods, many feel house hunting is like entering a high-stakes arena.

If you’re wondering, “In the competitive San Diego realty market, how do I win the bidding war?” Here are seven strategies to help!

1. Team Up With a Pro

Don’t take on the housing market and bidding wars alone; partner with a knowledgeable real estate agent. By working with a professional experienced in the ins and outs of the San Diego Market , you’ll get invaluable advice and expert guidance. Their negotiating skills could mean the difference between victory and defeat!

2. Establish and Adhere to a Budget

Knowing your budget inside and out before diving into the market is essential. By setting clear financial boundaries you won’t cross, you establish realistic expectations and are less likely to get swept up in bidding wars that stretch beyond your means. Consider getting pre-approved for a mortgage to lock in that budget and show you’re a serious contender.

3. Be Decisive

It’s no secret that the San Diego real estate market is competitive. Hesitation could cost you the home of your dreams, so act swiftly and decisively. If you find a property that checks most of your boxes, a home you could see yourself in, submit an offer as soon as possible.

It’s impossible to act decisively without doing prep work, like knowing which type of home loan is right for you, so don’t start house hunting before you’re ready. If you do, you may find the home of your dreams but miss out on it because you weren’t prepared.

4. Submit a Strong Offer

First impressions matter, bidding wars included! It’s tempting to attempt negotiating a lower price, but this strategy often backfires in a low-inventory market. One of the best ways to stand out in a bidding war is to submit a solid initial offer with favorable terms for the seller. Doing so entices the seller immediately, making them more inclined to choose you.

5. Make Yourself Available

In the world of real estate, things move quickly. If you’re locked in a bidding war, one of the most important things you can do is stay available. Taking three or four days to respond to an email or return a call from your real estate agent could mean missing out on your dream home. Give yourself a competitive edge by quickly yet thoroughly responding to all communication.

6. Keep an Open Mind

Bidding wars demand flexibility, so if you find yourself competing for a property, keep an open mind. Consider offering to cover certain closing costs or accommodating the seller’s preferred closing timeline. These small gestures can make your offer more appealing and increase the likelihood of it being accepted over the others.

7. Don’t Give Up

Bidding wars are roller coasters of emotions. You can do everything right and still miss out on a property. With many factors at play, including the seller’s preferences and perspectives, bidding wars don’t always go how you’d like them to. Stay positive and persistent! The right home for you is out there, so keep putting your best bidding war foot forward.

Find Your Home With The Selby Team

Ready to hit the market? Team up with The Selby team! Our experts are here with you from start to finish, including throughout a bidding war, so that you can secure the perfect property. Let’s talk homes today!