The Counteroffer Goal
Since 2020, it's been a bidding war style seller's market in San Diego; this means we have low supply and high demand for the available supply. This results in one seller receiving multiple offers from anxious buyers.
In my market, this means 5 to 25 offers is normal...an actual bidding war. This results in offers going over the sellers' asking price. In the San Diego Market, this over bid is 5% to 20% over asking, depending upon the size of the property's buyer-pool.
If you make an offer on a home, and the seller rejects your offer and suggests different terms, that’s their counteroffer. The goal in a market like 2022's, is to at the very least, secure a counter-offer if not acceptance of your offer.
This means you have to write an offer that is high enough in price and "clean" enough in terms, to be one of the top 3 offers received, if not the #1 offer.
Some #1 offers blow the rest away, there's no counter and if you were not #1, you are out of luck. But, some sellers get 3-5 offer from the many that are worth countering to see if they can leverage the multiples in order to improve their prices and terms to be more competitive or create a standout offer.
So your goal, is to get that counter if you don't get acceptance, because a counter offer is loaded with helpful price and terms info that can guide your response.
Your agent should know the market and comparable sales enough to advise you appropriately to be competitive. I'm seeing clients get accepted within 3 offers and others that have written up to 14 offers before landing an acceptance.
Budget, cash reserves and staying the course mentally, play a huge role in the results. Keep the faith and never quit, it will happen for you.
1. Photo by Sora Shimazaki from Pexels
2. Photo by Mikhail Nilov from Pexels
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