Local Real Estate Market is Heating Up
Well, it is beginning to feel like the Santa Monica real estate market is heating up. I looked for a 3br condo under 1 million, single level with laundry inside, and found one property. All three of the best properties I have seen with three separate clients have multiple offers on them. The notable thing about this is that all three properties have been on the market at the same prices for at least 60 days with no action until now. Additionally, I am getting about 10 agent calls and 10 buyer calls a week on my condo listings on Tenth St. At the end of last year I was getting about three agent and maybe two buyer calls.
Inventory is very low, buyer confidence is getting stronger and multiple offers are beginning to happen with greater frequency. If you have been waiting to sell, now is the best time I have seen for a long while. If inventory doesn't increase soon, prices are sure to begin to rise significantly.
Inventory is very low, buyer confidence is getting stronger and multiple offers are beginning to happen with greater frequency. If you have been waiting to sell, now is the best time I have seen for a long while. If inventory doesn't increase soon, prices are sure to begin to rise significantly.
posted by Simon at
7:32 PM
2 Comments:
Simon-
For the last 2 months I have been encouraging my clients to look at the "older" listings, ones on the market for 45 days or more (especially 100 days) in the hopes that the sellers will see how they missed the market and consider offers under asking. My areas of Pacific Palisades,Santa Monica, Culver City and the Westside are seeing some action, especially with the recent price reductions we are seeing. My buyers are coming back, though I have not seen the bidding wars...YET!
Thomas Ray,M.S.,REALTOR
www.LAexclusiveProperty.com
Simon,
I completely agree with your assessment that inventory is low. Down here in San Diego it has been incredible to watch the inventory drop. I have found that I can hang on to some of my listings with some amped up marketing. One tool I have found very successful is:
www.smartstreets.net
It provides a lot of Exposure with a Capital E. The presentation is great. It is such a simple concept whose time has really come. Check them out and see for yourself.
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