Buying in the major Bay Area markets — San Jose, San Francisco, Fremont, Mountain View, and beyond — works differently than in the rest of California and the country. Homes are routinely listed far below market value, bidding wars are common due to a structural housing shortage, and non-contingent offers are the norm rather than the exception.
Having a top Bay Area based Realtor by your side can make a significant difference. We specialize in helping our clients win bidding wars by giving accurate price advice that reflects current market conditions. Below are the key topics every Bay Area buyer should understand.
This is the trickiest aspect of buying a house in the Bay Area. Homes are routinely listed for far less than their actual market value, seller expectations are never revealed, and the sale price is often several hundred thousand dollars higher than the list price. Having an experienced agent who can accurately predict where competing offers will land is critical.
Some of our clients ask, "Can we just ask the listing agent for the seller's price expectations?" A listing agent put it beautifully: You are not competing against seller expectations — you are competing against other buyers. The seller is simply going to pick the highest offer with the best terms, no matter what their initial "expectation" was. Because most Bay Area properties receive multiple offers, you must predict where the other offers will land. This prediction is what we focus and specialize on.
Keep an eye on properties that stay on the market for two weeks or longer. Making an offer on these properties with a very short expiration can help you avoid bidding wars. Many of our clients have had success with this strategy.
We come across a large number of off-market properties. We have a separate program where we specifically try to source off-market properties for you. If you are interested in exploring this, please let us know.