Great week to tune into your personal Theme Song. What’s yours? Everyone in the industry I talked to over the weekend shared this: things on the street are ON FIRE. I don’t know? Recovering from the government closure? Tax time, coming up and thinking about the grand scope? Last chance to get in on the activity before it’s too late? It almost doesn’t matter why — if your theme song is similar to mine, get in touch with me to buy or sell — things are moving FAST.
Latest state and nations RE industry headlines look like this:
- Record # of CA homes bought w/cash
- Southland Median Home $ dip month-to-month but up sharply year to date and from last year
- CA forclosure starts 2nd lowest since 2006
- Heightened market conditions fuel more multiple offers and higher selling price
Oh, I do still hear the typical, “oh, things slooowww way down at the holidays…” but from the street beat, I’m not seeing it.
Open house activity in my circles has been wild hot, with qualified and ready to go buyers running through the door as out of breath as I am, eager, but disappointed that there isn’t enough of what they’re looking for on the market — the inventory shortage is real in their eyes.
New listings this weekend didn’t accurately reflect that sellers have caught on to this yet — they were extremely low.
It seems the investor cash offers that spiked the summer market have completed their rehabs and have offerings on the market, are sitting, and sellers are watching those flip properties sit and fall into the traditional ‘holiday’ line of thinking — buyers are saavy and are waiting for exactly what they want.
I think this holiday season will be unprecedented, if sellers can get past the recent historical market and see through the smoke.
I sat a strategic open house this weekend that was extremely fun — I don’t know how I caught on to this, but I suspect we’ll see much more of this new trend: a hot property in the Claremont Club condos was listed $150k+ below market value. It noted that this sale was not a ‘short sale’ and the property was not in distress, but just needed a quick sale. Notes in MLS offered that this was a one-day “Auction Sale” and offered supporting docs with procedures and parameters. I captured their docs – it sure was a catchy marketing gimmick to bait buyers, and it worked.
I had so much traffic at my open across the parkway that I was parched and breathless trying to keep up. And sure enough, by Sunday the status changed to ‘hold, do not show’ and the listing price bumped up that $150k+ number that it belonged at. Go figure! The image on this post is the company’s supporting docs on procedures — let me know if you want an actual copy of the file or additional information.
Watch for this language: one-day-sale, auction, submit a one-page bid, called that night and notified if you are one of the top two bids, if not top bid you will be called on Monday to see if you want to be a backup offer, no auctioneer, seller does not have to accept a bid… If you see this and are about to fall for it, come talk to me and we’ll figure out how to strategically get you into a comparable property at a lower price during all the hoopla and make sure you’re not getting taken. Despite all the smoke and mirrors, I was blessed by meeting so many new buyers and experienced pros.
One might be surprised at my response to picking a theme song of the week if they weren’t paying attention to the market: — Fire Woman by the Cult, and a song that references Walking on Fire by Alicia Keys more for its element of walking on fire than for being a vamp on fire. I can’t help acknowledge I keep hearing “This girl is on Fire” in the background of almost every scene these days.
Let’s clear the smoke, and get across the coals this week. An excercise of sorts: but I need listings, people. There are buyers out there, sitting, ready, and waiting.