Welcome to the Jungle.
Just when I think I’ve heard (or been involved in) the craziest stories about multiple bids in San Carlos this spring, there always seems to be another one that sets my head spinning. Last night was another one of those moments. 17 Del Rey Court in San Carlos sold yesterday with no fewer than 12 offers. That’s not a typo…twelve offers. And this is not a home on a plum White Oaks street, nor is it 2 blocks from downtown in Howard Park. This home is located on the top of a hill in Cordes, which is the northeast corner of San Carlos that borders Belmont — an area that is generally more affordable than the aforementioned districts, and has largely been immune from the super-heated bidding wars lately. But that has all changed. What’s happening?
The Right Stuff.
The mathematics of the situation tell you the obvious: there’s far more demand than there is supply right now for certain homes in San Carlos. But notice I didn’t say all homes. There is an abundance of well-qualified buyers who have a particular checklist of what they are looking for. It can be any of the following:
- Quiet street.
- 4th bedroom.
- Close to downtown.
- Move-in condition.
- Carlmont School boundary.
- Close to (fill in the blank) elementary school.
- Large lot.
- Walkable neighborhood.
This list could go on indefinitely, but you get the point. The more of these “buttons” that a particular home hits, the bigger the crowd it is drawing. And there seems to be no let-up in sight. There are 11 groups of buyers this morning alone that will be re-grouping and preparing for the next battle.
Outside the Box.
As I mentioned in a previous post about the current market status, winning in these ultra-competitive situations is forcing buyers to think outside the box in order to make their offer stand out above the multitude of other offers — and that doesn’t necessarily mean out-spending everyone else. Sometimes, knowing what “buttons” the seller needs pushed is more important than writing a bigger check.
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