Every house I selling in MM has multiple offers on it. Those are bidding wars and they are everywhere. You are looking backward whereas I see the present and whats ahead. It aint pretty if you are a buyer.
I just stopped by Sorrento Heights. They released 13 homes that are probably the worst locations they have and sold 7 already. Most of the early buyers defer waiting for better locations. They will all be gone in a week or two. Those are houses with MR (the only ones in that area that have them) and HOA (most dont have them and certainly not this high) priced well over $100K above existing home resales.
The market has already turned and you will pay more the longer you wait. Not alot more quickly but more than you could have paid. You will face tougher competition and the quality of the inventory isnt as good. Anything good (like Winans Cove) got 10+ offers in a weekend and went all cash, above ask with no contingencies. You cant compete with that.
Good luck…..
BTW, a house selling within $5K of asking is basically at asking and the difference is usually some kind of concession or agent rebate.
