“I’m a millennial. Buying a house has always been a life dream,” said Alex Mohajer, an Irvine native and longtime Los Angeles resident. Buying a house in Los Angeles County, however, was more of a nightmare.
Late that year, he saw a “coming soon” listing in Inglewood for $350,000 — $25,000 more than what he initially hoped to spend on a house — and told his agent that he wanted to check it out the moment it was open. When the listing published early in 2021, though, the price was up to $400,000, even though “the photos were not great, the description was OK — it ended up not being the most attractive thing,” he said.
He had some reservations about the place, he said, but a comparable sale suggested that the house was underpriced and “likely to appreciate in value with some TLC.” So he decided to make an offer that evening at $405,000 in the hope of avoiding a bidding war. Four days later, his offer was accepted. Knowing whether a seller has a contract to buy another home will help you tell which ones are the most motivated to make a sale. Ask your agent to try to find that out from the seller’s agent.Amar has gotten a close-up view of the bidding wars from all sides: as a listing agent for sellers, as a buyer of investment properties and as a representative of clients trying to purchase homes.
He’s also seen buyers get caught up in the frenzy of the moment, leading them to come in “at a really high price, not necessarily a logical price.” Which, in turn, leads to some soul-searching after the dust settles.
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