New Year, New Beginnings

January 20, 2024

New Year, New Beginnings

New Year, New Beginnings

As we embrace 2024, it's a time for new beginnings, and the real estate landscape in Los Angeles and Orange County is no exception. We're thrilled to share that the housing market is experiencing a noticeable uptick, with eager buyers rekindling their home searches.

The pent-up demand in the market is palpable, and the recent significant drop in interest rates has acted as a powerful catalyst, motivating buyers to actively engage in the real estate journey once again. Despite the persistently low inventory, the quality of homes and investment properties hitting the market is promising.

Already in the early days of the new year, we've secured incredible deals for our clients, and our commitment to providing exceptional service remains unwavering. We're here to guide and assist any of our clients in their real estate endeavors, ensuring a smooth and successful journey in this dynamic market. Here's to a year filled with exciting opportunities!

Counteroffers: What’s the Deal?

As the market starts to pick up again (after a disappointing 2023, the slowest in 30 years for home sales), you may start to hear more about multiple counteroffer situations becoming more commonplace. What does that mean for you in terms of being a buyer or a seller?

First, if you are a buyer, you will want to do as best as you can to avoid getting into a multiple counteroffer situation. Multiple offers equals a higher sales price. Period. If it’s a home that you love, then it’s likely that other buyers will love the home just as much and will be submitting offers. To avoid that, you will need to do your best to get a strong offer in and accepted before anyone else gets an offer in. Even if there are other offers, you and your agent need to do what you can to stand out from the crowd. Be aggressive and show how committed you are to close. The person demonstrating the biggest will to win… will win!

Second, if you are a seller, you may be best served by not taking the first offer that comes in. If you are fortunate to get multiple offers, then leverage that to your advantage and pit the buyers against each other. “Fear of missing out” will drive them to bid as much as can to get your home. Beware, however, of getting too greedy. You want to carefully vet and ensure that you are picking the strongest offer, whether that is based on the size of the down payment or the removal of contingencies. And be sure to secure that backup! Remember, the home is not sold until the money hits your bank account. The last thing you want is for the buyer that you selected to back out of the deal.. and then for you to find out too late that all the other buyers have moved on as well.

Notable Properties

Read our January Newsletter Here

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