Like most other areas of California, La Mirada is experiencing a brisk seller's market.

"Sellers are encouraged by low housing inventories and high buyer demand from historically low mortgage interest rates," says Realtor Vic Bradley, "Buyers are confident having more disposable income to invest in housing. Therefore, properties coming on the market sell fast, fast, fast.

"Multiple offers are common on almost every listing," explains Bradley, "some well over the asking price with appraisal contingencies being waived and more cash being produced to close escrow. Market conditions are causing a high number of cancellations though due to an inadequate prequalification of offers. By the way, buyers and those sellers remaining in the marketplace are highly encouraged to be preapproved by an experienced lender before buying or listing."

Says Realtor Melanie Bickley, "La Mirada is a quiet residential community that is home to BIOLA College and the La Mirada Civic Theatre. La Mirada housing continues to be in high demand! The area has completed several years of redevelopment that make it difficult to find anything but a good neighborhood in this commuter-friendly town."

"Interest rates dropped again," says Realtor Gul Iranpur, "this is the tie to refinance or purchase new and move up. The real estate market is still strong. It is still a seller's market that has stabilized and interest rates are slowly going down. Inventory is still low and properties do sell fast with multiple offers and sometimes even over the asking price."

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Published: May 6, 2004

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