Homes in the San Diego area are currently selling in less than a week, with buyers in nearly 80% of Redfin transactions facing steep competition and bidding wars. | File Photo
Homes in the San Diego area are currently selling in less than a week, with buyers in nearly 80% of Redfin transactions facing steep competition and bidding wars. | File Photo
Redfin recently reported that 78.9% of San Diego-area purchase offers made through their site faced competition in January, compared to 55.9% of offers made nationwide.
Across the country, bidding wars on homes increased in January compared to December, with the most expensive homes seeing the stiffest competition, according to a Redfin press release in February. January was the ninth consecutive month that more than 50% of the home offers from Redfin agents had bidding competition.
In the San Diego area, homes sold within days of going on the market, the release said.
"I'm advising my sellers to get a hotel for the weekend while potential buyers tour their house, and we review offers on Monday," Charles Wheeler, a San Diego Redfin agent, said in the release. "Some homes get 30 to 40 tours in just two days and more than 10 offers."
Wheeler said that buyers in the San Diego area shouldn't expect to negotiate any price better than what is asked, according to the release.
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