Industry News

Rookie Realtor tired of hot market

Another baby or home ownership: A tough trade-off

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Though I've read that sales in a few real estate markets around the nation are weak right now, sales in the area where I work are near all-time highs. The inventory of available properties here is the lowest in history, and homes routinely sell for 5 percent or even more than 10 percent over their asking price. What this means, of course, is that nearly every home that comes on the market draws multiple offers. That's certainly good for sellers, but it often creates heartbreak for prospective buyers and sometimes forces them to make unenviable, even life-changing choices. I have represented buyers in two multiple-offer situations during the past several weeks. Neither resulted in my first commission check, but I came away from each a little bit wiser and a little bit richer. In the first multiple-offer situation I encountered, my clients were a couple in their mid-30s who recently moved here after selling their first home in another area for a profit of about $35,000. They can eas...