June 22, 2009

Feeding Frenzy in LA

The picture has definitely changed. Does this mean we have hit the bottom and are turning a corner on our way up. I typically work on the eastside of Los Angeles areas including Silver Lake, Los Feliz, Eagle Rock, Echo Park, Mt. Washington, Hollywood, Atwater, Highland Park. Buyers in the lower price range $250,000 – 500,000 have been putting away their money waiting for the ripest time for them to lunge into the market. Well some may have waited to long. I put an offer in on a property on a Monday in the san fernando valley in the mid $300,000. It was a strong offer – above asking price and very clean we basically asked for nothing.My client was so excited about the house and really wanted to buy it. On Wednesday I received a call from the other agent letting me know that she had received 18 offers and 6 were accepted none of which was mine. This seems to be a very typical story. Agents are writing offers like crazy and having a very difficult time getting the offer excepted. In so many cases the seller’s agent doesn’t even get back to you. As the foreclosure market tightens up we will see less inventory and many more multiple offer deals. The moral of the story is if you see a house your client loves I wouldn’t try to offer less then the asking price andi n many case more. Buyers are again experiencing competition. In this market most homes are a good deal in that the prices have gone down, but don’t expect the banks or private citizens to be giving away houses.


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