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Bidding wars return even in housing market stung by coronavirus

Bidding wars return even in housing market stung by coronavirus

 

It’s the surprise of a spring selling season that’s been anything but normal: Buyers returning to the housing market have been battling over the few available properties.

While sales are way down, the lack of inventory has propped up prices and led to bidding wars, even as economic fallout from the pandemic mounts and real estate agents adjust to new public health guidelines that have made it more difficult to market homes.

In Los Angeles, Sally Forster Jones said two of her clients bid unsuccessfully this month on two different houses. One was listed for about $800,000 and the other for less than $1.5 million. Each received more than 30 offers and are now in escrow at above the listed price. Jones declined to share specifics on the homes because her clients made backup offers and she doesn’t want to invite more competition.

“I’m encouraging my sellers to put their property back on the market,” she said. “The fact that there’s limited inventory is to their advantage right now.”

 

Source Los Angeles Daily News

Written by Noah Buhayar, Prashant Gopal and John Gittelsohn, Bloomberg

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