Home Prices Soaring Across SoCal As Buyers Battle It Out To Win Bidding Wars
LOS ANGELES (CBSLA) -- The median home price is now at an all-time record and the number of homes sold last month compared to March 2020 was also a record.
"We've been beaten out by all cash, and it's like I don't even know where people get that much cash," said buyer Laura Beecher.
When Laura and Austin Beecher got married last year, they thought they would find a home in a few months.
"We typically would be one of the first offers, if not the first three. Then, we wouldn't hear back because our offer would get immediately beat," said buyer Austin Beecher.
Six offers over asking and six months later, they still haven't been able to say they're homeowners.
After 33 years in Orange, broker Al Ricci says he's never seen a market quite like this, fueled by low-interest rates and low inventory.
"It's been the best year in real estate that we know. It's just crazy. The city of Orange for example is up 18% in 12 months," Ricci said. "Typically we have 150 to 200 homes in the city of Orange; today we have 80."
Brokers said they never would have predicted that home values would have risen the way they have now, so they say they have no idea where an ending to this might be.
