Where are the Deals?
1 - Properties that have fallen out of escrow
2 - Stale Listings
3 - Properties that have had a price drop
4 - Poorly marketed properties
My Take
I'm still seeing multiple offers on all of my listings just way less offers. Instead of 20 to 30 offers on a home, I'm seeing 5 to 10 offers. I could see this trend continue as interest rates continue to rise. I see this as a great opportunity for a buyer to get into a house as there is way less competition. Every market will react differently to this rise in rates. Here in Los Angeles, we still have a low amount of inventory. When it comes to good homes, there are still multiple offers and bidding wars happening. It's an interesting shift that is happening and I believe that deals are happening now due to lower competition. Houses aren't being bid up as high as expected which is good for buyers.
