California Real Estate Buzz: Flash Sales
There’s a new buzz word to describe what is going on in the California real estate market, ‘flash sales‘. ‘Flash sales’ is a term used to define homes that sell in less than 24 hours, and there have been a lot of them reported recently, especially in Southern California. The days of competing against a handful or a dozen of others buying a home are gone. Currently, 65 to 85 offers per home listing are common. And of those, cash offers aren’t even blinked at. Many California real estate listings aren’t just selling fast, but they are gone in hours, with many real estate agents reporting them going from $100-300k over the asking price. While this might be frustrating for those buying a home, it’s certainly great news for sellers that have plenty of equity in their homes and for real estate investors flipping houses. Of course, if you can’t get an offer looked at it can be incredibly stressful and disappointing. This is especially true of those interested in buying a home in the San Francisco Bay Area, where recent reports show over 1,000 homes have been sold in less than 24 hours in the last 6 months. Those looking for more breathing room who don’t want to ‘overpay’ for properties in these hot zones might do well to look around San Diego County for opportunities. For full time real estate investors it can also pay to look to other states and locales that are just entering their rebound and are set for great growth like New Haven, CT. There is a lot you can do to make your offers more appealing, but no matter where you are buying a home or investing, savvy wholesalers flipping houses recognize this is their sweet spot and are in their zone flipping houses for mega profits in days if not hours.