About Eagle Rock's East Los Angeles

Here in Northeast Los Angeles (90041, 90042, 90065, 90027, 90039) the summer was hot. Not so much the weather but the prices on properties. Buyer demand ran amuck around the limited inventory, most of it bargin REO. Much of the listings on the market were overbid by tens or hundreds of thousands over asking price to the chagrin of many buyers. The average listing had over 30 offers on it throughout the summer. A classic feeding frenzy leading into a mini-bubble. Disheartened buyers after writing 8 offers that we all outbid were dropping out of the market, realizing that they may have missed their chance at ever owning affordable housing in LA. Don't give up just yet, gang. The sun has not set on you buying a property.

Now it seems the pendulum has swung the other way. Quietly these houses that were sold in 48 hours back in August are popping back up on the MLS for their original asking price. For unexplained reasons, they are not getting the rabid attention they were the first time around and they are staying on the market for weeks. The buyer herd appears to have thinned quite a bit which is usual for fall, but I can't deduce why the place that was listed for $300, sold for $375 is now back on the market at $300 and sitting there. Perhaps rookie agents and loan officers didn't take into account the appraised value of the house before sending in offers higher than the 80 year old palm trees in the front yards of these bungalows. I can only speculate. Nonetheless, it's a better time for buyers to be out writing offers now. They are getting offers accepted instead of swimming against the current.

Do any other agents have tales of over bid properties coming back on the market to lackluster demand? How about keeping buyers motivated after several offers get ignored or outbid?