One couple recently offered $102,000 above the $798,000 list price for a 3-bedroom home. The house sold to someone else for $985,000.
They bid on 11 homes before they finally purchased one listed at $799,900. They again bid about $100,000 over asking.
Jobs and wages are on the rise. Buyers are newly urgent, fearful an era of cheap money is ending. And to top it off, there simply aren’t enough homes listed for sale. As a result, bidding wars are common and prices are rising during the popular spring buying season. A report out Tuesday from CoreLogic shows the Southern California median home price jumped 7.1% in March from a year earlier, hitting $480,000 in the six-county area. And despite low inventory, sales rose 7.8%.
