One of Heyler Realty‘s agents, Kate Kennedy, has one client with their condo currently in escrow, and she just helped a buyer close on a home on the Westside. We asked her how things are going this summer and this is what she had to say.
For her clients’ condo sale: “We had more showing requests than appointments available, and we had two full weekends of slots! We received eight offers, all of which came in at asking price or above… a few WAY above list price. Many hopeful buyers-to-be removed their Loan and Appraisal contingencies and reduced their Inspection contingencies to less than one week. In short, we saw Buyers make very aggressive offers in hopes of being considered to purchase this condo. There is just such a huge lack of affordable housing inventory, that anything under a million dollars is going into multiple offer situations.
I work with mostly buyers, and I have experienced this competition over and over again… Some of my clients’ offers have been up against, 8, 17, and even 29 other offers recently! Oftentimes my clients have been ruled out because the listing agents were only countering people who had offered over $50K over the asking price. It is just that competitive out there.
Rates for loans are low right now, which means your money can go further… but you have to be willing to spend a little more up front on this type of an investment. And chances are that you will see a return on that investment in the future, because LA is LA!”
Per the California Association of Realtors, the housing market remains steady through the summer. “The real estate market continues to move, with nationwide sales of new houses jumping to a 13-year high and demand so high that buyers continue to make offers sight-unseen. In California, June saw home sales increase more than 40 percent on a month-to-month basis, although the state is still hovering below 2019 levels by 12.8 percent. While buyer demand remains high — weekly mortgage demand is up 19 percent from this time last year — inventory remains a significant challenge for California’s housing recovery.”