The tales from the Eastside real estate front this spring are filled with stories of Highland Park fixer uppers attracting more than a dozen offers and buyers double-parking outside of newly listed bank-owned homes in Echo Park. Entry level buyers searching for an affordable property on a desirable block are almost always going to face multiple officers this spring, said agent and blogger Rob Kallick. It’s not been uncommon in recent weeks for attractive properties to draw 5 to 15 offers. “The listing price for a lot of these homes is misleading,” Kallick said of low list prices that ignite bidding wars. “It’s kind of an eBay auction. They [buyers] are online looking and they see a house for $399,000, and they get excited because it’s in their price range. It could end up going $30,000 to $40,000 over” the asking price.
During March, most of the Zip Codes tracked by The Eastside Property Report showed an increase in the median sales prices compared to last year, according to information compiled by DataQuick and the Los Angeles Times. Kallick’s advice to buyers this spring: don’t get to attached to one house and brace yourself for bidding battles. Click on the link below for March sales and median prices.