Home Prices Soar in Buyer Bidding Wars

Many sellers remain on the sidelines, desperate homebuyers are streaming through open houses, making offers tens of thousands of dollars above asking price and still coming away empty-handed.

The intense demand has send prices soaring, according to a report release Thursday by DataQuick.  Potential sellers are either waiting for prices to go higher or are unable to sell because they’re still underwater.  There are some homeowners who want to either downsize or move up are reluctant to sell because there is so little to buy.

In the more affordable and desirable parts of Los Angeles, open houses are jammed. Especially at the “one-time only” Open House.  

Our best advice to home buyers is to move fast! Properties are seeing offers within 24 hours and go into pending within the first week.