Yes, it is true. Properties are going into escrow in less than 7 days.
Couple weeks back, I walk into a Broker Open House on 2385 E. Woodlyn in Pasadena, CA. Very attractive Mid-Century home in the NE area. I jumped with excitement; perfect for my client. I tell my client to see the house. I call the office for the status and it was IN ESCROW. By the Open House ended on Sunday, an offer was accepted.
Last week, 484 E. California #43, a stunning looking condo in Madison Heights area of Pasadena, CA came on the market. After the Broker Open House an offer was accepted. The showing started on THUR, 6/17, and by the Open House on June 20, it was GONE INTO ESCROW.
Another great unit in South Pasadena, 1972 Huntington Drive (shows really well) went on the market last week, had a Broker Open House on 6/17 and they have two offers now.
There are REO and short sales, and market has changed dramatically. But buyers have to know that there are "MICRO-MARKET" within LA County. Just because prices have decline does not mean that it is going to be in all cities of LA County. Pasadena and South Pasadena both area very desirable cities, and if a home is priced well and looks pretty & handsome, it will be GONE, GONE, GONE. And there are a lot of junk out there too. Do buyers really want to get on there hands and knees, tackle a fixer these days? When you see enought junk, you are going to start looking for a nicer home that you can pretty much walk into and make a new start.
And, talk about multiple offers. My good friend at Coldwell Banker is seeing multiple offers each time she writes an offer. Right, multiple offes are back with vengeance.
Buyers, make sure you are in touch with your agent, and don't wait around. You could be waiting a long time, a very long time for your Home Sweet Home in this interesting market of year 2010.