Appraisals & ‘Bidding Wars’
I recently listed and sold this Rancho Del Rey home within a matter of a week. My seller’s decor was on-point the day that I met her, we signed the listing agreement, I had the photographer go out soon after… Input it onto the MLS and the frenzy began. Received multiple offers, accepted the cleanest/strongest one, and still received countless calls and texts even after going into escrow.
This listing was a traditional sale, and my seller & I knew up front it would go fast- as the inventory consistently remains low throughout this community. We ended up accepting an over-asking price offer, but due to the values of the closed distressed sales in the neighborhood- the buyer’s appraisal came in low so we re-negotiated a new sales price.
Always a funny market we are in, here was another prime example- low supply, high demand, but bound to appraisal regulations. It’s funny I get asked the same question all the time; How’s the market? Is it picking up??”… Answer: There are and have been multiple offers on properties throughout the county for years now… prices are realistic now days versus what they were during the “Boom”, but the demand for San Diego real estate has definitely remained consistent over the past few years, I only remember briefly around ’08 when it was just a little stagnant, but it’s definitely “picked up” since, and interest rates are truly at 30year fixed rate lows! Every property that’s priced right receives multiple offers… this is another prime example :). Overall, all parties were happy in this case though, and my seller looks forward to move on to her next home!
Rancho Del Rey, Chula Vista is a newer yet established area of Chula Vista, with a central location just off the 805 freeway.