Home sellers are now seeing 5, 12, even 20 offers

Last year around this time it was not unusual to see 30 offers for one property. That is not an exaggeration. Then interest rates went up and buyers got scared. In the 4th quarter of 2022, a home on the market was lucky to get 1 offer.

Today, buyers have accepted the higher rates and are actively looking to buy.

I can now report that homes that are priced at market value and are in a decent location are seeing multiple offers again. I have first-hand knowledge of homes in and around the San Fernando Valley that are getting 5, 12, or even 20 offers.

The homes that are overpriced or in a bad location are sitting on the market. Some will point to those homes and say the market is tanking. If you believe the market is tanking then you are not in the real estate trenches.

Looking for a cheap condo in DTLA? Well, look no further!

The cheapest condo for sale this week in DTLA.

This condo has 0 bed/1 bath and 460 sq. ft. of living space.

The 2nd-floor unit features open-concept living, exposed brick, an in-unit washer/dryer, and a soaking tub in bathroom.

The Historic Rowan Building features 24-hour security with a full concierge, 2 community BBQs, and hot/cold plunge pools.

Asking price: $388,000

Call for a private showing 818-445-7953.

Would you buy a condo in a historic building in Downtown Los Angeles?!

Would you live next to Skid Row? Here is the cheapest condo that sold this week in DTLA.

Asking price: $419,000

Selling Price: $425,000

This condo has 1 bed/1 bath, and 725 sq. ft. of living space. There are 14 floors with 130 residential units.

The historic A. G. Bartlett Building features a rooftop deck, 2nd-floor patio, and 24hr security.

The Bartlett building was given Mills Act status giving homeowners up to 70% off their property taxes. The city offers this in hopes of attracting people to the area, revitalizing the neighborhood, while also preserving historic structures in LA.