Although prices are rising, an overpriced home is still not going to encourage those offers. But a well-priced or underpriced home is going to bring in a rush of buyers, in the latter case with the home selling over asking price. I am involved in negotiations right now where the first set of offers are $50K over asking and the agent is anticipating it will go for $100K over.
This is a great situation for Los Angeles home sellers to be in, but what is a buyer supposed to do? Don’t get caught up in the frenzy.
There is probably a cash buyer in there somewhere, but they may not be prepared to pay as much as standard buyers. Your agent will help you decide how to write your offer, with the cleanest terms, and you need to decide what your top offer is going to be. Don’t worry about what others may be offering. You can only do your best, and who knows, maybe it will be the best offer the seller receives.
In any event, don’t give up. There is a home out there for you, and if you are working with me, I will stick with you until you find it.
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