Well this is one crazy market we're experiencing at the moment in the South Bay. If you read the paper or listen to the news it's still a buyers market but ask my buyers if they agree and you'll probably get a different opinion. I submitted 4 offers this week with 3 of the 4 being well over asking price and all three rejected. One of the offers was for a cute little home in Torrance and they ended up with 38 offers! You've got to be kidding. Where's that story in the newspaper. On the flip side I have a very nice home in Gardena that's been on the market for 6 months (one offer about 3 months ago that my sellers unfortunately rejected) and I just received 2 offers today.
Whether the market is rebounding or this is just a temporary bump, the bottom line at the moment is that homes are selling, and well priced homes are selling quickly. For sellers this means that now may be a good time to put your home on the market but price it right. For buyers this means that going in low isn't necessarily the correct strategy, and you should find a good realtor that knows the market and use their expertise to determine the homes value. The pent up demand has finally started to yield results in the market. This is obviously good news.....unless you're one of my buyers that seems to be the "second best" offer of the 38.
Keith Kyle is a licensed Realtor and e-Pro with South Bay Brokers in Manhattan Beach. He serves his clients throughout the South Bay and his websites KeithKyleHomes.com and FindYourSouthBayHome.com offer the most comprehensive real estate websites in the South Bay with free MLS access, current home listings, open houses, recent home sales information and more. Keith can be reached at 310-251-2344 or by email at info@KeithKyleHomes.com
Keith - ditto to everything you said! In the past 12 months, every single offer I have made was in a multiple offer situation. And I think I made an offer on that same house in Torrance you mentioned in your post!