With inventories on homes for sale in Encinitas at an unexpected low (approximately 3 months compared to a normal average of 6 months) many sellers are experiencing multiple competing offers. These competing offers on homes for sale in Encinitas can cause bidding wars, but it’s important to know some of this basic information regarding how to deal with competing offers.
Price is merely one factor to take into account when looking at competing offers on your home. Price is not the only factor you need to consider when making an offer either. In many circumstances a buyer that can make a larger down payment and close quicker may be what you really want out of an Encinitas home purchase.
As compared to the market conditions in 2006, lenders require buyers, even those with large cash-down offers, must qualify. Lenders require buyers to got through employment verification and a very solid credit history in order to get a mortgage loan.
This article from Inman News does a great job of walking you through potential situations regarding different offers and the benefits of considering them all before making a decision.
Make sure that when you consider multiple offers you consult with your Encinitas Realtor and get their advice on how to handle them in a tough market.