Bidding war winners are getting cold feet

Some home buyers are reportedly backing out of purchase contracts due to second-guessing the contract price. That is prompting some listings to return to the market after a bidding war.

Fifty-four percent of more than 1,100 real estate professionals recently surveyed by HomeLight, a real estate referral site, said they have seen or heard of buyers backing out of contracts after having regrets.

After losing out in several multiple offer situations, a buyer may head into a new bidding war with an “I’ll offer anything” attitude. “They win and for a moment they’re happy about it,” the report says. “But now they have several weeks to mull over their decision before the deal closes. They crunch the numbers again and experience pangs of regret over the ridiculous price they agreed to pay. They begin to obsess over flaws with the home that they initially overlooked.”

So then they approach their real estate agent to look for a loophole and a way out. It may be through the inspection contingency, assuming they didn’t waive it.

But once they walk away from the deal, “the house goes back on the market with a stigma that there’s something wrong with it,” the report notes.

Latest "Hot Home" available in North Hills. It will sell quick so don't miss out!

Here is your latest "Hot Home" alert: Asking price: $850,000

•2,241 sq. ft. of living space

•10,347 sq. ft. lot

•5 bedrooms

•3 bathrooms

Built in 1957 this updated home has a nice pool and solar panels to help out with the electrical bill.

Text me if you want a private tour at 818-445-7953.

Just listed in Pasadena

Warning! Only 1 showing for this property. Sunday, 8/30/20, 11am – 5pm by appointment.

Offer deadline is Wednesday, 9/2/20, at 2pm. Call/text the listing agent, Daniel Madariaga, at 818-445-7953 to set up a private tour.

This 3 bed 3 bath home is located in one of the quietest streets in Pasadena. There is over 2,500 square feet of living space and the lot is huge, over 10,500 square feet.

This property has some great bones. In 2020 a new roof was installed along with a new AC/heat system, new wood floors throughout the home, and a new water heater. The bathrooms were remodeled in 2019.

My favorite part of the home has to be the spacious master bedroom. It’s so big it even has a seating area! There is also a really good size basement, perfect for extra storage. There is plenty of room to expand the home in the giant backyard.

So if you’re looking for a home in an excellent location, that’s move-in ready, with good bones, on a huge lot, and at a great value, this just might be the home for you.

www.LomaVistaStreet.com for more info.

A dip in homes sales like in October

The flu season is going to look very different this year.

When everyone starts to get the flu in October, all we are going to hear about in the news is that the second wave of the coronavirus is coming.

I’m not a doctor so I don’t know if that will happen or not.

However, I do know that since a lot of people will be sick with the flu, the perception by the public in LA county will be that a second wave is inevitable.

Because of this perception, there will be fewer homeowners willing to put their property on the market, just like in late March after the stay-at-home order was issued.

I believe we will likely see a dip in home sales during that time in October.

I’m optimistic things will settle down by the time we get to December.

Hopefully, the homeowner’s perceptions will change once the news gets better.

Porter Ranch - Just Sold!

Back in February of 2018, an individual emailed me inquiring about an online article I had posted.

The article was titled "Analysis: Real estate price action in Northridge and what buyers and sellers should know.”

This person wanted to know if I had heard of the new development in Porter Ranch and if I thought it would be a good investment.

My response was that the Toll Brothers consistently put out beautifully constructed homes and are always in high demand.

For those reasons, backed by the data stated in the article I sent him, I told him that a Toll Brothers home in that community would indeed make a great investment.

We took a tour of the model homes, stood on the vacant lot where they would build his home, and he decided to move forward and buy the property.

After about a year and a half of customizing the home amenities and waiting for construction to conclude, the home was finally completed.

He just closed escrow on the property and is extremely happy with the way everything turned out.

I am happy for him and his family and can't wait for the housewarming party!

Here is how the Toll Brothers describe the community...​

"The Vistas collection offers well-designed single-family homes, some with gorgeous canyon views. Vistas have a variety of options available like an optional balcony off the master bedroom suite, master spa bathroom, and more.

The Vistas at Avila also provides its residences exclusive access to a resort-style recreation center with a pool, spa, cabanas, outdoor TVs, barbecues, wading pool, and a state-of-the-art clubhouse, perfect for hosting family and friends or just enjoying the beautiful California weather.

The Avila village is also located next door to the award-winning K-8 Porter Ranch Community School, families with young children can easily walk, bike, or take a short drive to and from school. The exciting future 50-acre Porter Ranch Community Park, coming soon, is located just South of the Avila village and can be accessed via foot, bike or car.

Travel is no problem for Porter Ranch residents who enjoy easy access to local freeways, which makes traveling via LAX or Burbank airports a breeze.”