When trying to determine what to offer on a parcel of San Diego real estate, it would sure be helpful to know not the history of prior sales, but accepted prices of pending sales.
You see, just about any real estate agent or Zillow or Trulia can give you recorded sale information. What they can’t give you, though, is pending sale information which just might give you a strong idea of market trajectory or where prices are headed.
Example: We are currently working with clients on a 7-figure transaction in a very tight market. They know the home they want, but a mis-bid could result in a 6-figure mistake. Closed comparable sales would suggest a lower bid than the asking price. Only by questioning listing agents of pending comparable sales (with whom we have a good relationship) are we able to calculate future closings and comps.
In short, this will allow us to craft an offer that pleases the seller and will likely be accepted because it is higher than recent closed sales. In a couple of months, their purchase may look like a stroke of genius or sheer luck when the comparable sales close and are recorded history.
And if there is time before submitting an offer for our clients, we try to ferret out pending sale information from listing agents. Many real estate agents in San Diego North County we already know and have closed prior transactions with them. Getting information from these can be simpler. If not, I rely on old newspaper reporting skills and persistently ask polite and probing questions. By doing this extra research, we give our buyers an extra advantage in the market–and come as close to insider trading as possible in real estate transactions.
Is it illegal? No. But pending sale information is closely guarded and is NOT published anywhere.
(and for what it’s worth, we also share pending sale information with agents we know and respect.)
For additional information, call Scott or Roberta Murphy at either 877-818-8197 or 760-402-9101. Alternatively, firstname.lastname@example.org
*I use the term “insider trading” loosely and we would never abuse a client with the practice. Only use the term to illustrate the importance of having as much information as possible when making an offer to purchase real estate.