One thing is for sure, real estate is hot hot hot..............
63% of people who bought a home nationwide placed an offer without seeing the property
Found your California dream home? Good luck with that — it may be gone by tomorrow
Homes are selling at warp speed nationwide, forcing would-be buyers to make snap decisions on what is typically the biggest purchase of their lives. In California, houses haven’t sold faster in at least three decades, according to data from the state’s main Realtors association.
In March, a home’s median time on the market in the Golden State was eight days, the shortest time period recorded by the California Assn. of Realtors, whose database goes back to 1990. In the bubble years of 2003 to 2005, homes typically took more than 20 days to sell. In the hot-market years preceding the pandemic, the median time on the market at times dipped further, hitting a low of 14 days in 2017.
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Frenzied home buyers are breaking all sorts of records. Last year, 63% of people who bought a home nationwide placed an offer without seeing the property, according to a survey by brokerage company Redfin, an all-time high since the survey’s debut in 2015.
Another Redfin survey found 43% of homes that were sold in the four weeks that ended April 11 fetched more than the list price, the highest since at least 2012.
South Bay real estate agent Garrison Comstock said he received 39 offers — about four times what he considered the high-water mark before the pandemic — on a three-bedroom house in Hawthorne that went into escrow for $116,000 over the asking price within six days of being listed.
Another agent, Lindsay Katz of Redfin, said her average sales pace is just two days.
https://www.latimes.com/business/st...e-selling-at-record-speed-in-hot-covid-market
