Wednesday, March 25, 2009
Buzzwords for the week: multiple offers and deliberate underpricing
They're back. Just when we thought we'd never have to deal with multiple offers again. In the areas I serve, including Burbank, Toluca Lake and Studio City, homes are selling in days again with many offers.
Of course, it doesn't help that certain Realtors are underpricing homes in order to get a bidding war going. How does this serve the buyers and sellers? It doesn't, but the Realtor saves time and money on marketing.
And you'd think that full price, all cash offers would be enough. But no. A client of mine just lost a condo in a bidding war situation like that.
I'm glad to see the market come back, but not like this.