Bidding Wars For Homes Have Become The New Normal In Many U.S. Cities

When Marianne Jackson found the perfect three-bedroom home in Oakland listed at $699,000, she knew the owners would never sell for that price. So the eBay EBAY +2.70% executive, who lives in the Silicon Valley suburb of Los Gatos, wrote what she hoped would be a compelling offer: $200,000 over the asking price, with no contingencies and an attractive payment package (Jackson won’t say if she offered all-cash). The capstone of her offer was a letter describing the multiple generations of her long-time Californian family who would eventually benefit if she bought the home. Jackson’s pitch worked: she beat out 11 other offers, and last month closed for $900,000. “Honestly, I thought it was a complete long shot. With that much competition, you couldn’t tell how crazy the prices were going to go. I feel like we scored!” she says. “That’s crazy to say. Two hundred thousand over asking price and I quote ‘I feel like we scored!’”


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