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  • Office Phone: 323-274-2148

Tracy King Blog - Eagle Rock Real Estate - Northeast Los Angeles Realtor

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Tracy King's Blog

Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors Tracy King and Keely Myres.

Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

Buyers Market. No, Sellers Market!

But in Northeast Los Angeles and the foothills of the San Gabriel Valley, we see the active listing inventory declining and lots of properties selling in multiple offers. What is this?

My goodness, it’s hard to know where we are these days in the real estate market. There is much doom and gloom in the news with job losses, bankruptcies of giant corporations, the budget crisis in California, all of which make us feel like we’re in a declining spiral that will never end.

 

But in Northeast Los Angeles and the foothills of the San Gabriel Valley, we see the active listing inventory declining and lots of properties selling in multiple offers. What is this?

 

  In any market, the best way to sell a home quickly for the most money is to price it right. When prices were declining a year ago, the rare seller who could price a home below recent sales often ended up with multiple  

 

offers and a higher price than what one would expect. Case in point, my listing at 5426 Dahlia in Eagle Rock was priced at $599,000 and sold in multiple offers for $700,000. 

 

 In a flat or slightly appreciating market, the key is to price the home at or slightly below recent sales to stimulate the same multiple offer and higher price scenario. I have several examples of this, but the dramatic one is the fixer in La Crescenta that we priced at $299,000, received 80 offers and sold for $480,000, all cash. Most recently, 4848 Ray Court was priced at $499,000, received over 20 offers and is currently in escrow for over 10% over asking with no appraisal contingency. An interesting side note on both of these properties is that they each had had an estimate of value done a year previously. The La Crescenta home was judged to be



4848 Ray Court, Eagle Rock

4848 Ray Court, Eagle Rock

worth about $500,000 in the spring of 2008, and the Ray Court home was appraised for a refinance at $595,000. So although both sold for more than asking and for a good price considering this year’s market, they still didn’t sell for as much as they might have a year ago. Sellers, don't think you can stick 2008 or 2007 prices on your property and have a bidding war happen, you have to accept the current market reality. Those buyers each really got a deal. What’s a deal? When we look back five years from now, I believe we will say those homes were bought at or near the bottom of the market.

 

Stay tuned for Part 2… What effect does this have on an entry-level buyer?

 

 

 

June 6, 2009



5426 Dahlia Dr, Eagle Rock

5426 Dahlia Dr, Eagle Rock

Buyers Market?—Sellers Market? Part 2.
Pierre Koenig Architectural

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Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

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