Scenes from a crazy local market

You've heard me complain that everything is selling for over the listing price these days.  Here are some examples from the past week.  Some were my transactions and some were my colleague's transactions.

Tujunga - Five offers on an unapproved short sale, all over the list price of $499k.
Studio City - Six offers on a home listed for $649k.  We offered/countered at $685k and it still went out higher.  In my opinion, there may be appraisal problems there, but I'm obviously the only one who is concerned.
Burbank - Cute home got three offers/counters at least $20k over the list price but it still went out higher.
A home on Hartsook in Valley Village had 31 offers.
And best yet: a home in Westwood that went out at $2,700,000 in multiple offers. 

The other thing I'm seeing: although it seems like it takes no time at all to get offers, it seems to take forever to get a response on them.  It's taken about a week to hear back on everything which seems like an agonizingly long time to wait. I know; I'm guilty of this too.

Scenes from a crazy local market 2012-07-23T12:53:00-07:00 Rating: 4.5 Diposkan Oleh: jembe