Yes, Norma Toering & Team’s most recent offer was one of 35 offers on a fourplex in Redondo Beach–one happy buyer and 34 disappointed and still searching for inventory that is simply not there.
What’s a buyer to do? Expand your search area and lower your expectations a notch or two. It’s tough love advice that may be hard to heed but the reward will come later. That smoking deal and steal you’re hoping to find will most likely remain elusive as long as current market conditions prevail.
The 180 degree turn from a buyer’s to seller’s market in Southern California caught many people off-guard. Although lack of inventory (low supply and high demand) favors sellers, low interest rates still favor buyers. These conditions translate to buyers paying a higher price, often over list price, but leveraging the property with historically low financing. Thereby adding a dose of balance to the market.
This market favors the cash buyer, the quick close and “buy and hold” investors with an eye on future values. If you have a solid 10 to 15 year investment plan it’s a great time to go “all in” and add select properties to your multifamily investment portfolio.