In Cali, Half of Homes Sell Above List Price

Bidding wars are heating up in the Golden State, with nearly half of the homes sold in California so far this year fetching more than the asking price, the California Association of REALTORS® reports.

According to CAR, 49.5 percent of homes on the market have sold above list price so far this year, nearly double the 2012 figure (25.9 percent). The historical average in California for above-list-price sales is 18 percent. 

Limited inventory is contributing to the multiple-offer situations on more than 72 percent of the sales, CAR’s 2013 Annual Housing Market Survey found. Distressed sales are also accounting for a high percentage of the bidding wars: 91 percent of REO properties have attracted multiple offers this year. Seven of 10 equity home sales attracted more than one bid this year, compared to 51 percent in 2012, CAR reports.

"Sellers are more upbeat about the housing market and are more comfortable with their financial situation,” says CAR President Don Faught. “As the real estate industry and the economy continue to recover, many sellers regained confidence in owning a home since the Great Recession. The number of home sellers planning on repurchasing, in fact, increased to the highest level since 2007, which suggests that repeat buyers could be the driving force in the housing market in 2014."

Source: “California is Sellers' Market as Over-List Price Sales Soar,” Mortgage News Daily (Oct. 30, 2013)

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on October 31, 2013, in Uncategorized. Bookmark the permalink. Leave a comment.

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