We closed escrow yesterday in La Costa Valley! The seller is a bubbleinfo reader so obviously we have analyzed our results carefully over the last month. We felt that we did everything right in preparing what we thought was a superior home in the tract and utilized an attractive price, but it wasn’t enough to set off a wild bidding war like back in the frenzy days.
We received five offers, but when presented with the opportunity to submit their highest-and-best price, NONE of the buyers were willing to go up. It made this sales price feel like full retail and differ greatly from the covid-frenzy ultra-low interest rate days when buyers were desperate and would pay any price to win.
Now buyers seem to be patient with today’s shortage of homes for sale and would rather wait, than go crazy on price (there were two higher-priced sales of this model during peak frenzy last year).
Same thing here with six buyers yesterday, where it was very orderly and nobody went nuts on price:
Or maybe the group of homes that deserve a wild bidding war is much smaller than it used to be? This is peak season, so any remaining exuberance should be worked out by July/August.