If you've been wanting to buy a new home in Los Angeles but have been too afraid to get involved in a red-hot bidding war, it's time to come out of hiding.
Over the last couple of years, buying real estate has become a competitive sport thanks partly to historically low mortgage interest rates triggered by the pandemic. According to a Doug Elliman report, bidding wars in Los Angeles peaked last quarter, but luckily for potential buyers, this trend will be cooling down a bit now that interest rates have gone back up.
For those looking to sell their home, this likely means forgoing the practice of setting the listing price under market value in the hopes of triggering a bidding war. This strategy, also known as "testing the market" might have…
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