“On a recent Sunday, about 150 people flocked to a three-bedroom condo in West L.A. for an open house,” agent Tregg Rustad said.
Southern California home buyers face fierce competition and tight inventory this spring.
Packed open houses. Bidding wars. Rising prices.
That’s the landscape for much of the Southern California housing market as the spring selling season gets underway. Competition is as fierce, or even greater, than last year in many corners of the Southland, and would-be buyers can expect a pitched battle if they want to close a deal, real estate agents say.
The frenzied start has been driven by a dearth of homes for sale, low mortgage rates and steady job growth. Homes are selling faster than a year earlier, with more of them going for above the list price, data from online brokerage Redfin show.
“Be ready to write the offer on the Realtor’s car,” mortgage broker Jeff Lazerson said.
Another sign of the market’s strength came this month when data provider CoreLogic reported that sales in February jumped 9% from a year earlier. The median price, meanwhile, climbed 3.7% — the 47th straight month it’s risen.
See the full article by Andrew Khouri here: