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Bay Area Leads Nation In ‘Over-Asking’ Home Sales

SAN FRANCISCO (CBS SF) — If you’re shopping for a home in the Bay Area, you’ll probably wind up paying the seller more than they asked for.

A new survey by real estate website Redfin shows the Bay Area leads the nation in home sales that are higher than the asking price.

Nearly 70 percent of Oakland homes sold above their sticker price in June. In San Francisco it was slight more than 70 percent.

In San Jose, three out of four buyers paid more than the list price.

Redfin says these three Bay Area cities comprise the most competitive markets in the country.

Nationwide, more than a quarter of homes sold above their asking price, according to Redfin.

“This market is unlike any we’ve ever seen before,” said Redfin chief economist Nela Richardson. “Month after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs. For buyers competing in this market, it’s survival of the fittest. The strongest offers that are most likely to close quickly and smoothly rise to the top of the pile.”

Article by CBS San Francisco (c) CBS San Francisco - Read full story here.