Class of Summer ’13: Sold for an average of 10% over asking

2013 has turned out to be a cruel summer for home buyers on LA’s Eastside. Interest rates spiked up from an historic low almost overnight, sales prices for the most desirable homes averaged 10% over asking and while more homes have hit the market, there’s still a ton of overpriced crap out there.

The good news is that inventory has continued to loosen. Is this an indication of a turning market? I wouldn’t bet a nickle on that, but it’s definitely promising news for weary buyers who have shuttled from that one appealing house to the next like cattle. So what does this mean for buyers and sellers? Here are 10 piping hot tips fresh from the trenches:

Buyers
– You need an awesome agent who knows what she’s doing
– Understand that you still need to be aggressive even though there’s more inventory
– Rather than competing against 30 others, might be closer to 8-10
– There’s still a limited number of super desirable homes (i.e., priced well, looks great)
– Rates have spiked, check in with your lender, especially if you have an FHA loan

Sellers
– The window for selling at top dollar is narrowing, for now. Don’t be greedy
– Have a relative in real estate? It doesn’t matter if they can’t sell your home
– Understand that offer terms are as important as the offer price
– Need to hire a listing agent with an excellent reputation
– Want a smooth like butter sale? Let me know

Want to scoop up a beauty while rates are still historically low? Contact Vanessa Yan.