"If it bleeds, it leads" is the famous saying of the newspaper/media industry. It's no surprise then that some of the events in the Long Beach real estate market are not getting attention. Here are some occurences that you may not have heard of from the mainstream media.
- Multiple Offers - A memory for many in the "hot" market. Multiple offer still occur on well priced properties. On one property that was dropped 20% in 1 day to elicit offers, it ended up fetching 5 offers! This was small condo in Downtown Long Beach.
- Back-Up Offers - When a property goes into a status of "back-up" that means the property is in escrow, but the buyer has not removed their contingencies. In the hot market, no one looked at these, but now with limited inventory of prime choices, many buyers and agents are visiting these properties and submitting back-up offers in the hopes that the buyer can't qualify.
- Foreclosures - Although they exist, they are less than 3% of the Long Beach real estate market. There are more "short sales" than foreclosures at this point.
Whether you decide to purchase or sell is up to the consumer, but it is important to arm yourself with information!
1 comments:
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