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Plenty of Fish in the Sea

By
Real Estate Broker/Owner with Charlemagne International Properties BRE# 01147470

 

 

I have a couple of buyers who are like kids in a candy store; they are overwhelmed with all the choices and want to sample them all!  Others are hard-core comparison shoppers and they are waiting for the next price reduction or interest rate cut. 

 

 

 There is no sense of urgency in this market.  The buyers are keeping their emotions at arm's length and it's up to the sellers to entice them to commit to a property.  Last week while showing property in Palos Verdes I informed the buyer that two of the homes we previously looked at were now in escrow.  She shrugged her shoulders, and said, "There are plenty of houses that aren't selling, so I'm in no hurry.  There are plenty of fish in the sea."

 

Too much inventoryShe's right.  Sellers, it's up to you to make your house stand out from the crowd:

 

Price:  It's everyone's bottom line.  Your house must be the best value in the neighborhood, hands down.  No buyer will overpay in this market, nor should they.

 

Condition:  It's competitive out there.  Make sure your property wins "Best of Show" and earns a place on every agent's show list. 

 

Terms:  Make it easy for a buyer to purchase your home.  Buyers want a clean offer from you too.  For example, making your sale contingent upon finding a replacement property will discourage many buyers from looking at it.   Sell it, rent, store the furniture and take your time to find the new home of your dreams.  After all, your down payment is already in the bank and now you get to be the choosy buyer!

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

South Bay Los Angeles cities I sell real estate and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.


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Comments (7)

Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Norma, during the long boom market the sellers got spoiled in their expectations.  Now the buyers are getting spoiled as sellers compete for them!

Feb 20, 2008 09:04 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!
Norma- Well there are buyers here who said the same thing and ended up losing the homes of their dreams because we do have multiple offers on some of our listings.
Feb 20, 2008 09:09 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Katerina - I know, this market can send some mixed signals. A client called me on Saturday to see two new listings in Palos Verdes Estates--they were both sold within one week.  She was speechless, but she is now checking her email for new listings on a daily basis instead of just on the weekend.
Feb 20, 2008 10:24 AM
Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!
Norma, I feel if buyers wait too long they may miss the fishing boat entirely. I received multiple offers on a listing today and both buyers had looked at the property over 3 weeks ago! One lost and one got it. Go figure!
Feb 20, 2008 01:40 PM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Colleen, it's true, time is of the essence even in a slower market.  We never know when an offer, or two, will come in.
Feb 20, 2008 03:27 PM
Adam Waldman
Westcott Group Real Estate Company - Hauppauge, NY
Realtor - Long Island
NORMA - I think that this is one of the most frustrating parts of this market.  For the most part, I think that sellers still have come to the realization that their prices need to be competitive, but I have dealt with some buyers that are totally unreasonable in what they are looking for.  It will be the subject of a future post, but I need to hold my tongue for right now.
Feb 22, 2008 11:07 PM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Adam - I understand, and I look forward to the post.
Feb 23, 2008 12:01 AM