It seems the tables have started to turn here in sunny so cal...... I've spent the last two weeks showing property and writing up MULTIPLE full price offers for my clients only to hear that we've been outbid yet again. It is amazing, I have real buyers, with real money and real approvals, and we are sending in real offers, some of which are 10% above asking price, and we are losing out to higher bids! One client in particular is ready to go now, we have offered on 8 homes and lost out on all of them! The client is getting frustrated and I have to admit, so am I. I've looked at the possibility that the listing prices are just way under market, but after researching recent closings that doesn't apear to be the case.
The available inventory has decreased drastically in just weeks leaving only the really trashed out homes and those over $300,000 available for any length of time. The homes on my watch list that have been sitting for months have one by one gone pending....... To top it off, all five of my own listings have sold this month, leaving me with no personal inventory to work. While this is fantastic in it's own right, and I'm shaping up to have one hell of a June, I have no where to put my buyers! Many agents in my area are experiencing this same sudden change in the market temperature, but the evening news sure isn't talking about it! I would be interested to hear from others of you in different market areas if you having the same phenomenon in your business.
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