How to avoid a bidding war over your property
It was the biggest win for real estate agents and brokers in the nation’s history, with the city of Los Angeles declaring a 30-day bidding period to bid on the most valuable homes in the city.
But it didn’t last long, and it may not be long at all.
Real estate brokers say that the bidding wars for these properties are on the rise and that the process is now so complicated that it’s almost impossible to predict what bidding prices will be in the future.
According to data compiled by The Wall Street Journal, the average price of a home in Los Angeles is currently at $1.6 million.
But, according to an article from The Wall St. Journal, some brokers are selling homes at a discount in order to secure a sale.
The Wall st.
Journal reports that a recent survey of brokerages by The Mortgage Bankers Association showed that the number of brokers selling homes has increased by a whopping 92 percent in just the past five years.
In order to be competitive, real estate brokers are finding it harder to find homes that they are comfortable bidding on because of the complex bidding process.
Some of the brokers, including the one that I spoke with, are using their personal relationships and connections to help them secure homes.
But, many of these brokers have also been targeted by other brokers who are selling the homes at prices far below the market value, the Journal reported.