The Southern California real estate market is on fire! In fact, 13 out of the 20 hottest real estate markets last month were in California. When you are searching for homes for sale in a competitive real estate market, it can get pretty challenging and competitive. The good news is, if you have dedication and a trusted, experienced Realtor by your side, you WILL get the home you want.
Here are 4 signs you’re in for a competitive ride:
1. Cash Trumps All
One telltale sign that you’re in a competitive market is when sellers can expect or request cash offers for their home. If you come in with a cash offer, 99.9% of the time you’ll beat out any loan offer. Sellers LOVE an all-cash buyer because there are no mortgages or lenders involved, escrow closes faster, and there’s no appraisal to worry about. The whole process runs a lot smoother and faster.
2. Get Ready For a Bidding War
Bidding wars are another sign that competition is fierce. Multiple offers and battles for the highest offer often reflect a home in tiptop shape, located in the perfect location, and at the right price. But keep in mind, the highest offer doesn’t always win.
3. Oh so Trendy
When a city becomes a wildly desirable place to live, the housing market will boom with competitiveness and strength. Look at where jobs are going, how well the school districts are, and where you can get some killer ocean views. How do you know when your city has reached chic, trendy status? Hip stores, a Starbucks coffee shop on every corner, and pilates studios are good indicators. Irvine, Aliso Viejo, and Laguna Niguel are just of a few of the trendy SoCal neighborhoods.
4. But the Home Was Just Listed Two Days Ago!
So you’ve browsed the internet and found your dream home…two days later, it’s already SOLD! When homes are flying off the shelf almost as quickly as they appear, you’re definitely in a competitive market. If you find yourself racing to view get to properties before the competition does, cut down on the stress by having your Realtor preview the property for you or send you updates via email or text.