Home sellers are now seeing 5, 12, even 20 offers

Last year around this time it was not unusual to see 30 offers for one property. That is not an exaggeration. Then interest rates went up and buyers got scared. In the 4th quarter of 2022, a home on the market was lucky to get 1 offer.

Today, buyers have accepted the higher rates and are actively looking to buy.

I can now report that homes that are priced at market value and are in a decent location are seeing multiple offers again. I have first-hand knowledge of homes in and around the San Fernando Valley that are getting 5, 12, or even 20 offers.

The homes that are overpriced or in a bad location are sitting on the market. Some will point to those homes and say the market is tanking. If you believe the market is tanking then you are not in the real estate trenches.

Take note of the cheapest STARTER home sold this week in the city of San Fernando

This is the cheapest home sold this week in the city of San Fernando.

Asking price: $520,000

Selling price: $585,000

This starter home has 2 beds/1 baths, 845 sq. ft. of living space, and is on a 4,592 sq. ft. lot.

This corner lot home features a recently remodeled kitchen, hardwood floors throughout, copper piping, and a new sewer line.

Who got the better deal, buyer or seller?

At 37%, millennials are the biggest home buyers on the market

The National Association of Realtors reports that older millennials, between the ages of 29-38, hold 26% of the home-buying real estate market share.

The second-largest group are the Gen Xers who hold 24% of the market share.