About 17 days ago I placed my client's listing on the market. Within less than 24 hours, I had shown the property to 10 buyers and before the end of that first day on the market, I had an offer that exceeded full price. The property was listed as $729,000 and was a 948 sq ft 2 bedroom home in the West LA area, just west of the trendy restaurants on Sawtelle blvd, and a few minutes from the new Trader Joe's and Bed Bath and Beyond. The property happened to be zoned R-2, which means that you could legally build a second unit on the property without having to apply for a zoning change with the city. A few days later I held the first open house and had about 75 people come through the property. Two days after that, I had our first Broker's open. By the end of that day, we had 10 offers in hand, and more were coming in. Several of the offers were cash, and all but one exceeded the asking price. The seller had a tough decision to make. While we were negotiating with the highest of the offers, 7 more offers came in. We now had a total of 17 offers for this house.
As you can imagine, the buyers were whipped into quite a frenzy and each offer was better than the next. People were offering ALL CASH and no contingencies. This means that they did not even care about the condition of the home, i.e. they would waive an inspection and any other standard investigations.
So, why am I sharing this story with you? If you are a seller and were wondering if the market is still hot, wonder no more. It is! This property is in escrow now for more than $100,000 over the asking price and will be closing in less than a week. All told, from list to close, the seller will have his $$ in hand in well under 1 month. If you are considering selling, but have a longer timeline, fear not, in a seller's market, YOU are in the driver's seat! I can negotiate whatever suits your specific situation. Give me a call and we can set up a time to talk. Revi Mendelsohn 310-963-7384
