Wednesday, May 13, 2009
Burbank Leader on bidding wars
Today, the Burbank Leader picked up the story about artificially-low listing prices and the bidding wars they generate. Here's a quote from the article: "Markets are most tight with moderate- to low-priced homes, or about $500,000, with some agents luring multiple shoppers with artificially low postings and forcing bidding wars that can drive up totals by tens of thousands of dollars, Realtors said." See my previous posts on this subject.
Prediction: While I think we've hit the bottom for most San Fernando Valley real estate, I don't see that we'll have a real acceleration in prices. I do think we may have more inventory, or at least properties staying on the market longer, in July and August.