April 26, 2025 Breaking News, Latest News, and Videos

Wait-and-See Buyers May Lose Out:

Real estate agents have seen increasing numbers of prospective buyers repeating what has become a familiar pattern. In the current slower market, many buyers hesitate to make a purchase decision even when their search criteria have almost all been met by a property they have viewed. However, many prospective buyers may look back with regret if they are not prepared to make offers when a home meets their needs.

Of course this reluctance has served well from one point of view. Clearly prices have been in a downward trend for quite a while even in relatively stronger market areas, such as the Westside of Los Angeles.

However, it has long been noticed in real estate as well as other financial arenas that no one “rings a bell” at the bottom of the market. In some neighborhoods the bottom may already be occurring, despite the overall general news and market statistics. In fact, it is not uncommon for there to be multiple offers in some of the more desirable areas when a home is priced very competitively. In recent months we have had multiple offers on two of our listings north of Montana, both of them sold for more than the list price.

Another example occurred in the Palisades with a new home that had been on the market for several months. The seller finally decided to adjust the asking price by approximately 10 percent with the intent to make it extremely attractive to buyers so that at least one of the prospective buyers with a “wait-and-see” attitude might be incentivized to present an offer. Within a few days three buyers wrote offers, and within the week it was sold at a higher price than the reduced price point. One of the unsuccessful buyers was very sorry they lost out because they waited too long to decide. This put them in the middle of a bidding war that they lost in the end. During the two-week contingency period they even offered to increase the price.

Many buyers seem to feel that nothing is well-priced today, and eventually can be purchased for lower prices. While this may be true of some listings, those which are well-priced to begin with are sold rather quickly even in this slower market. Moreover, decisive buyers usually do not regret negotiating the best terms on purchasing a home that meets most of their criteria. A client of ours recently thanked us for encouraging them to move forward rather than continuing on the sidelines in the hopes that an even better opportunity might show up. They also benefited from their timely decision because of the historically low-cost loans still available.

No one has an infallible crystal ball to know when the best timing for a purchase will be. However, unless someone intends on selling within a few years, odds are that they will look back and feel good about having bought sooner rather than later.

For the past 25 years Michael Edlen has provided real estate counseling services to prospective buyers and sellers. Most of his business is derived from a referral base of over 900 past clients. More tips and information are available on MichaelEdlen.com. He can be reached at 310.230.7373 or Michael@MichaelEdlen.com.

in News
<>Related Posts

CHP Arrests Man Accused of Stealing $5K of Copper on PCH

April 25, 2025

April 25, 2025

The suspect was arrested on suspicion of grand theft and was booked at the Lost Hills Sheriff’s Station A 22-year-old...

Topanga Beach Bus Resumes Service Between West Valley and Santa Monica

April 25, 2025

April 25, 2025

The route now operates once daily in each direction and is being escorted by Caltrans The Topanga Beach Bus resumed...

(Video) The Willows: 30 Years Going Strong

April 25, 2025

April 25, 2025

Founded in 1994, The Willows Community School, located in Culver City, California, is a Developmental Kindergarten through 8th grade non-profit, co-educational...

ASTEME Camps Explore Science, Technology, Math and Engineering

April 25, 2025

April 25, 2025

Many teachers and parents hear this question daily when it comes to schooling: “When am I ever going to use...

Q&A: No Age Limit on Home Care Management & Home Safety, Tips from a Care Manager

April 24, 2025

April 24, 2025

In-home safety issues that go unnoticed — cracked sidewalks, broken railings or uneven flooring for example — are often the root...

Film Review: Sinners

April 24, 2025

April 24, 2025

FILM REVIEWSINNERSRated R137 MinutesReleased April 18th   This is one big Blues/Jazz/Vampire/Disco Dance Party. Wow! Sinners will pick you up and...

SMC to Host Free Children’s Concert in May

April 24, 2025

April 24, 2025

The event will feature collaborative performances with local artists, including a Taiko drumming group from Culver City’s El Marino Language...

LAX/Metro Station is One Step Closer to Transforming the Airport Commute

April 24, 2025

April 24, 2025

New Multi-Modal Metro Station Connects Angelenos to the Airport Metro Board Chair and Los Angeles County Supervisor Janice Hahn announced...

THIS WEEKEND: Art and Music Festival Takes Over Third Street Promenade

April 24, 2025

April 24, 2025

Admission is free and open to the public The Third Street Promenade will transform into a lively celebration of creativity...

Tony P’s Dockside Grill to Close After 28 Years in Marina del Rey

April 24, 2025

April 24, 2025

In a farewell letter to patrons, owners wrote, “We hope these final weeks are a celebration of all we have...

Four Proposals Compete for SMC Station’s Affordable Housing Future

April 24, 2025

April 24, 2025

The site sits in the Pico Neighborhood, where 83% of trips are by car and nearly half of residents struggle...

(Video) Matú Kai Brentwood: The full experience

April 23, 2025

April 23, 2025

Sister restaurant to Matú in Beverly Hills, located at 11777 San Vicente Blvd. Sister restaurant to Matú in Beverly Hills,...

Uncle Stevey’s Bagels Wins Westside Hearts with Next-Level Bagels, Premium Sandwiches, and Local Coffee

April 23, 2025

April 23, 2025

Family-Run Shop Serves Delicious and Thoughtfully Curated Bagels With Love By Dolores Quintana A little more than a year since...

Santa Monica’s Socalo Toasts Pali Wine Co. with a Five-Course Culinary Celebration

April 23, 2025

April 23, 2025

Enjoy Celebrated Central Coast Wines, Including a 100-Point Red Blend Socalo, the acclaimed Mexican restaurant from celebrity chefs Mary Sue...

Fogo de Chão Hosts Wine Lover’s Dream Night with Chilean Winery VIK

April 23, 2025

April 23, 2025

Diners Will Enjoy a Chef-Curated South American Menu, Highly Rated Wines Wine lovers and culinary connoisseurs are invited to gather...