It looks like 525 Pomona will be going into contract before the end of the day. This week, a month after it went on the market, 2 weeks after the day they were to receive offers and got none, 525 Pomona got 4 offers. I can say that the home did not get an offer at its list price, but it did get a better offer than I thought it was going to get, because of the 4 offers vying against one another. I can't reveal it until after escrow has closes, and, in this, 525 Pomona may offer one last lesson.
This home seemed to reach a certain ripeness last weekend. I could feel it as I held it open on Sunday. The home had been on the market long enough so that potential buyers were feeling that there may be a deal to be had. In the end, there were enough buyers who felt this way that the home created a second wave of competition with these 4 offers that appeared, thus creating a bounce in the final bid price.
The really smart move would have been the buyer who recognized the value in this property a week before everyone else did. If a smart buyer has gotten an offer in early, before competition appeared, they truly would have gotten some value for their money.
