We recently reported that December home prices jumped nearly 20% in Southern California, back in December. A new Bloomberg article provides further evidence for a turning real estate market.

There has been a plunge in U.S. home listings to a 12-year low, which is driving up home prices. In fact, new listings in 21 of the largest U.S. cities dropped 21 percent last month from a year earlier. Bloomberg also reports that at the end of 2012, about 28 percent of home listings nationally went under contract within 14 days, with cities in Los Angeles areas exceeding 40 percent! Much of the drop-off in listings of existing properties is also tied to fewer foreclosure deals and short sales.

As the market turns, this is an exciting time for both buyers and sellers. Buyers can still take advantage of the lower prices while they exist. Sellers can finally sell in an upward trending market – properties are selling over asking and over the comps, with multiple competitive offers.

But in a competitive market like this, how do buyers get an offer accepted? A few tips:

• Move quickly! Don’t wait around to see a property that comes on the market. If you get emails from me with new properties, and see something you like, contact me immediately to schedule a showing! (If you are not getting property emails from me, and would like to, contact me)
• Be ready to write an offer! With properties going for multiple offers and getting into escrow so quickly, you cannot afford to delay.
• Make your offer competitive. It’s a highly competitive market out there – be willing to price your offer accordingly. Talk to me about offer strategy.
• Work with an experienced agent. In a market like this, it’s more important than ever to have an experienced agent on your side!

To see more about what Bloomberg has to say about the market, read their full article here. If you have any questions, or want to discuss the market further, feel free to contact me at any time!