I remember six or so months ago when you would take a look at a house and know that the price was high and you could underbid. Not so, not lately. I have noticed in the last few months that if you want a house-a nice house in a good neighborhood in Southern California you have to be ready to overbid and be ready to fight.
I have seen a lot more "One Day" sales where the selling agent shows the house for one day then makes a decision that night, the next or within the week. It's effective and you get an answer right away which is much better than waiting that ambigious four or five months, but it means you have to be prepared.
I always have suggested my clients get their pre-qualification letter but now, I suggest a pre-approval. When we see a house I do a comparative analysis so I know if the house is priced low. I want to prepare my clients so they know that even if they are willing to come in full price, they still may not get the house and if they really want the house they have to be willing to overbid.
So yes, it looks like a different marked. Have any of you experieced similiar situations.?