San Joaquin County home prices being driven up by cash buyers

A home for sale on Rayanna Drive and Jayden Way in Stockton. Competitive bidding, fueled in part by home buyers who can pay cash, is making house-hunting difficult for ordinary buyers in San Joaquin County.

Bidding competitions normally fueled by hard cash prospective buyers are driving up the costs of San Joaquin County households, earning it more and more tough for less nicely-off potential prospective buyers to uncover housing, according to nearby actual estate agents.

“Observing a $15,000 to $20,000 over-bid is fairly common,” explained Nick Bokides, proprietor of Bokides & Hesseltine Real Estate Business in Lodi.

“A great deal of these promotions are (in) funds,” he continued. “So they’re building it truly tricky for people today who will need funding or have (Veterans Affairs) loans.”

Connected:

In 2021, sale rates for houses in the Stockton metropolitan location have been 20th-maximum in the U.S. relative to their mentioned rates, an analysis by Porch.com — a web site that connects buyers with home advancement companies — identified. About 68% of Stockton households marketed for much more than their listed charges.

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