I am singing the same old tune. Inventory is low and buyers are scrambling for the few homes that do come on the market. There are areas like North Hollywood, and Burbank where there is no shortage of inventory and the median price is around $385,000, low by Los Angeles standards, where homes are selling like hot cakes. 351 homes sold over the past 3 months at an average of 99.63% of list price. And there are presently only 108 available for purchase.
There is a home my buyers are look at for an investment. On the market 3 days and put on hold because the agent has been inundated with 25 offers, many of which are all cash.
So, if you are going to make an offer in a market like this, nothing less than full price is going to be considered. And you may want to consider offering a little more to sweeten the pot.
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