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Woodland Hills California Real Estate - Falling Home Prices

Woodland Hills California Real Estate - Falling Home Prices

Well, it is the first day of spring in Woodland Hills California, usually its time for families who want to move in the summer time, to put their home on the market. I was just checking the MLS for listings for Woodland Hill California and saw a home that have been reduced in price by more than $100,000 dollars. At one time the home was listed for slightly more than $780,000 when it went on the market 217 days ago and is now listed for $605,000. I am watching it now to see how many days it remains on the market. It is a short sale, and the lender approved it as such, some of the banks have figured out if they make the price low enough they can get multiple offers and get more than they ask for it. Woodland Hills California Real Estate

Some sellers still can not see what is happening in the market and are pricing themselves out of the market, basing their asking price on how much they paid for the home, or how much they owe on it, or how much equity they need to get out of the home so they can move up to a bigger home they want to buy. The sad truth is that buyers don't care how much sellers want for their home, they are looking for bargains and finding them.

P.S. If you are listing your home as a short sale in San Fernando Valley California make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sales, call @ 818.288.7255

Posted by Rachel Zeppinick Woodland Hills Real Estate on 03/20/2008 05:36 PM

Comments (3)

falling home prices, woodland hills california, short sale woodland hills california

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3 Comments on Woodland Hills California Real Estate - Falling Home Prices

MAR

2008

It's hard to overcome resistance by sellers to price competitively as most of us know first hand. And of course we know the outcome too, the home does not sell. Repricing later is good but you're now dealing with a stale listing. I'd love to hear techniques that others have used successful from the get-go to get it priced competitively.

MAR

2008

We have had many listings that start out high because the seller is very resistant to price competitively. They are still holding on to a market of the past. In our experience we have no choice but to let them list for what they want. We can give them all the CMAs they want and make suggestions until the cows come home, but when it is all said and done the seller has the final say. All we can say is list the house for what they want and keep working on them to lower. We have had a few listings that started off too high and by pure persuasion and showing them the numbers they have reduced and reduced until the house was finally priced to sell. We have even had a couple of houses that were priced high one week and lowered significantly once a week until they were finally priced right. We too welcome any suggestions or techniques that others have used.

MAR

2008

Rachel- The sellers are in denial in many situations and are not realistic about what their prices are doing to their chances of selling their properties.

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