If the property is priced right in this market it will have multiple offers. 30-45 days financed, unless it's a cash offer than 12-15 days.
Lesley Harris, Realtor
There are even deeper data and reasoning behind where we are market wise which would take way to long to write. But as I shared earlier in order to keep it simple remove the clutter, look at the numbers and you can see the big picture which is why investors are making a killing right now.
And FYI...my answer to days on market average is based on the "Homes.com" question detail info which reads "Lakewood Village." The key is not to over think. The key is to select the right agent who is a professional and in the trenches day in and day out who can guide you properly based on your personal needs and budget.
There are homes that still sit because they're overpriced or have a poor location and/or condition. But for homes that are well priced, the answer is yes, you have to make an offer quickly because many homes are selling with multiple offers and getting bid well above the list price. We just closed a home in the Bixby Terrace area of Long Beach that sold for $85,000 above list price! Before you make an offer, have a Realtor prepare an analysis of comparable sales so you have a good idea of what the home's value is.
Although interest rates and prices are very attractive for buyers right now, we are definitely not in a buyer's market. The lack of inventory and high demand means that we're in a seller's market. That can be frustrating for buyers.
If you need any assistance figuring out the current market and finding a home, please let me know. I'd be happy to help.
Keller Williams Realty
The inventory is so low right now, lots of agents and sellers are pricing the homes high.
When you see one that is priced low, move in condition, fully opgraded or even with a little TLC
usually theirs bidding going on. If you're selling that's what we call sellers advantage. For buyers especially Fha usually you're a disadvantaged because there's lots of conventional buyers and even cash buyers that are just waiting for the right location, right house, etc.
If you're a buyer, what you can do right now is get pre-qualified, save up some down payment, talk to a Realtor and start your search.
For example: here are some local Statistics:
Encino( one of my areas):
July: 880,000( Median Sales Price) 6( houses sold) 95(DOM)
June: 1,033,500 10 45
May: 1,085,000 7 103
While Lake Balboa( close to Encino city, N of 101)
July: 298,000 ( Median Sales Price) 1 59(DOM)
June: 357,500 4 71
May: 340,000 1 13
What area you are interested in?
To answer your question: During the month of May it took an average of 43 days for a seller to find a buyer for their home. During the month of June it took an average of 35 days to find a buyer for a listed home.
Now averages can be deceiving and one needs to filter out data which can be looked at as not normal. This can be done easily by one who is familiar with not only the neighborhood or city, but the trends in the real estate market place.
Each of the agent's responses has value, but to keep it simple the numbers listed above are fairly clear. The month of July is not mentioned here for only one home closed during that time which would not provide you an accurate estimate of days on market prior to finding a buyer.
Please note there is a difference, as brought up here by an agent, between how long it took to find a buyer and how long it took to "Close Escrow" after the seller found a buyer. That is a different story in itself.
Hope this helps you out!
That is a great question, but the turnaround time depends on a number of factors. It can be 45 days or 90+ days depending on the property conidition, area and other factors (i.e. short sale, foreclosure, etc). Are you looking to sell or buy a property? Please feel free to email me if I can be of any assistance.
Keller Williams Realty
If you want to check out what's going on with the market in various areas in Long Beach, go to:
(It will allow you to compare and contrast from multiple areas.
In this "current" market homes are going from listed to pending sale in a matter of days.
(Providing the home is priced right)
Now, once it is a pending sale (in escrow) It can take 15 days (for cas hsales) to 45 days for sales with financing for the deal to actually close.
Kawain Payne, Realtor
In Lakewood in general, the average days on markets ("DOM") was 93 days for the month of July for Single Family homes, up 14% from last year's 83 days at this same time.
But... I can tell you in Lakewood Park specifically everything is going into multiple offers quickly (1-2 weeks, if not 1-5 days) right now...