Multiple Offers on the Westside

Asked by Deborah Bremner, Los Angeles, CA Tue Feb 8, 2011

I've been seeing more and more multiple offer situations her on the Westside. It seems to be signaling
1. Pent up demand
2. Lack of good inventory
3. Buyers reacting more quickly and getting off the fence
This is happening in all price ranges, but particularly the mid-range. Thoughts and experience in your area/ neighborhood please?

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10
Nick Collins, Agent, Beverly Hills, CA
Wed Jul 1, 2015
I listed a condo in Brentwood and had nearly 200 people come to the first open house. A few days later we had 9 offers, some all cash, some with strong down payments and loans. We accepted an offer nearly $100,000 higher than the list price and locked in 3 backup offers. The market is not slowing down and buyers are definitely coming off the fence quicker than before. It definitely pays to work with an agent that has multiple offer experience and knows how put your best foot forward and have your offer get noticed!
1 vote
oh my goodness Nick! You must have had it priced right!
Flag Thu Jul 2, 2015
Carrie Rolli…, Agent, Los Angeles, CA
Sat Feb 28, 2015
Yes, there are multiple offers on most all properties out there due to lack of inventory and excellent interest rates. Buyers are eager to participate as there is a huge limitation of inventory. My recommendation if desiring to participate is to be completely prepared with all your ducks in a row. Be qualified with a lender and be prepared to put your best foot forward when submitting an offer. With all that said, we are seeing some price decreases- if sellers are unrealistic in their pricing, buyers will not participate. However, reasonably priced properties at all price points are engaging multiple offers.
Best of luck to you!

Carrie Rollings
Gibson International
310.650.3075
1 vote
Dorene Slavi…, Agent, Torrance, CA
Sun Mar 1, 2015
True! All the more reason a "Buyer Agent" is essential to success in this market!
0 votes
Heather Paul, Agent, Santa Monica, CA
Fri Apr 29, 2011
Yes, very common right now! Less than 2 months inventory, we are actually having seller's market like conditions.

Have a great day,
Heather Paul, Realtor
Coldwell Banker
(310)586-0364 or (424)625-1037
0 votes
Richard "RJ"…, Agent, Beverly Hills, CA
Wed Feb 9, 2011
Downtown is multiples... under $400k is very active. However, getting over $500k is slowing down considerably...
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes
., , 92705
Tue Feb 8, 2011
We have the same thing happening here in the South Bay. If the house is in decent shape, in good neighborhood and priced slightly below comps buyers jump on it. Some are getting 20 or more offers in less than a week.

It seems as though there are plenty of qualified buyers out there, they really are just holding back and waiting for the deals.
0 votes
Lori Matson, Agent, LA, CA
Tue Feb 8, 2011
Properties that are priced below most list prices go quickly in multiples on this side as well. I think a lot of it is lack of good inventory priced right. I have seen this happening all year. I think there are a lot of buyers waiting to buy at the right price.
0 votes
Marcin Talaga, Agent, Chicago, IL
Tue Feb 8, 2011
Deborah,

Here in Chicago I've personally been outbid on 4 foreclosures in the last 3 months on properties that I was looking to purchase. On one particular one, I was outbid by 30K! What I'm seeing in my neighborhoods are lots of competition from investors on "hot" properties. Reason being, they can flip them in a few months and list them for slightly higher then the regular sales in the neighborhood. Then these homes are in high demand, and the "regular sale" homes that still need updating, no one seems to want. Not surprisingly. Are these homes you speak of shortsales and foreclosures?

Marcin Talaga
Marcin@conlonrealestate.com
0 votes
Caroline Choi, Agent, Los Angeles, CA
Tue Feb 8, 2011
Deb, I agree! There's definitely a lack of good inventory, and especially if your buyers have been looking for a while like mine, as soon as they see something they like, they jump! That, and with news saying who knows what's going to happen to interest rates, I think it's been a good start of the year.
0 votes
Belinda Spil…, Agent, Denver, CO
Tue Feb 8, 2011
Boy aren't you the lucky one. I do a little gig everytime I get ONE offer. Of course, it is never for full price.... I have recently been in a bidding war with a buyer however in Aurora, Colorado. It was a great home with a beautifully finished basement and the listing agent has underpriced it by about $25k. I think he did that under direction of the seller. The seller's wife had just died and he needed to move on. Anyway, we were one of three offers. Ours got accepted at $215,000 because my buyer was paying cash. Then, after we were under contract, an agent contacted the seller directly (crossing the sign) and offered him $10k more if he killed the deal with my buyer. Ruthless!!!!

The listing agent promised me he would file a complaint against her.
0 votes
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