Lender · Salt Lake City, UT · Member since 2012 · 714 posts · 169 votes
A local auditorium is rented and filled with a crowd of dreamers. A speaker, well versed in selling the dream of real estate riches, energizes the crowd and sparks their hopes. From there, the crowd enters the local real estate market determined to find the perfect real estate deal. This is how the local bidding wars begin and is the typical story of the Southern California real estate market. Asking prices are bid up to a point where they are well above retail, and competition for properties with any equity is fierce. Many other sub markets in the U.S. are also seeing low inventory levels and high competition. Is this happening in your local real estate market? Please share.
What area of so cal are you in? We buy in LA and OC mainly and haven't been seeing that you are talking about. Sure, fixer uppers on the MLS go higher than they should, but as for standard sales in decent condition there doesn't seem to be nearly as much competition as a year ago
From what I hear the AZ market is basically the same. Very tough to find F&F that are worth the time and effort with all the competition out here. . However, I personally am a strong believer that perseverance will prosper.
I am currently seeking F&F properties here in AZ and it is a bit tough. I have considered using a wholesaler to at least get off the ground, but have yet to ask the BP community their thoughts.
I wish you the best of luck and hope you get to a few before others do. :)
What area of so cal are you in? We buy in LA and OC mainly and haven't been seeing that you are talking about. Sure, fixer uppers on the MLS go higher than they should, but as for standard sales in decent condition there doesn't seem to be nearly as much competition as a year ago
Yes, totally agree with @Bill Larsen , the bidding contests have certainly slowed down and deals are starting to pop up far more regularly. Of course the anxiety now is being able to sell the flip projects.
Don't think prices have gone down, but I'm not counting on them going up significantly either.