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More Success Seen In First Offer Attempts

First-offer success rates are up

Things are looking up for homebuyers on the West Coast. According to new data, the historically hot coastal markets are finally cooling down — and buyers are having an easier time snagging those dream homes.

Good news for the West Coast

According to new data from Redfin, homebuyers on the West Coast now have a higher shot at winning their dream home on the first bid.

A whopping 63% of buyers in San Jose, California, for instance saw first-offer success last quarter. That’s up from just 25% last year and significantly higher than the national average of 52%. The city has the second-highest first-bid success rate in the nation.

San Diego buyers are in luck, too. Last quarter, 53% of home buyers in the area closed on the first home they bid on. It marks a jump of 16$ points in just one year.

Last year, homebuyers had to pull out all the stops to land a home in competitive West Coast markets, but this year there are more homes for sale and the odds are more in the buyer’s favor. In San Jose, the market has dramatically slowed from a year ago, and it’s actually now easier to get an offer accepted in San Jose than in many other parts of the country.

In Seattle, 59% of buyers saw first-bid success, up from 45% in 2018, while Denver buyers had success 61.1% of the time last quarter.

Lets get out there and buy some new homes! The market is right for you to jump in!

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*This article does not represent legal interpretation or advice. This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Seattle Mortgage Brokers, LLC NMLS: LO# 305371/1598279 | MB# 761615

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