Real Estate Pyromania: What is "Hot" and what is "Not".

By
Real Estate Broker/Owner CA#01772851 HI#RB21268

 

HOT markets are mainly in larger metropolitan areas but that doesn't mean there aren't "flash points" in smaller areas. Here in northern or central California, that can be a place like Silicon Valley with good paying, high tech jobs or places like the beautiful Monterey Peninsula that is just a highly desirable place to live.

'HEAT" as we see it on the Monterey Peninsula.

Because housing is so expensive near the ocean, any homes that come on the market under a $1 million become the focus of much attention. And in many cases, draws multiple offers.

Ditto in Salinas and several cities just to the south, all within less than an hours drive from the coast, where many of the workers live  who service the high end Monterey, Pebble Beach, Pacific Grove, Big Sur and Carmel-by-the-Sea areas. Here you will find detached homes around $500,000 and condos around $200,000 - but not many of them.

WHAT CAN I DO TO COMBAT AGENT "PYROMANIA"?

1. Example :Selling agents try to whip up the enthusiasm for high bids by trying to play hardball. For example, one listing agent made it clear to us that the seller would not take less than $880,000 for a particular home in the Carmel Valley area - a very desirable area. What did it end up selling for? $800,000.

2. Example: Another property, this one a condo in Salinas, wanted all offers to be in on a certain date the following week when all offers were to be looked at. Now, a month later, it's still for sale.

3. Example: How about the multi-million dollar mansions and mini castles. Listing agents try to whip up enthusiasm, but the market is drenched with them.

SO WHAT IS MY STRATEGY IN THESE EXAMPLES:

1. Don't fall for these agent strategies. I wasn't born yesterday and neither were my clients.

2. Maybe this is the only condo on the market and the price sounds good, but check out the monthly HOA fees. Does your buyer really want to pay that?

3. Don't get stampeded, the market speaks for itself.

BUYERS, DON'T GET CAUGHT UP IN THE PYROMANIC RHETORIC!!!

My main point of this blog is that the market is not hot all over. Here on the Monterey Peninsula prices vary vastly and you might not find something in your budget in the most desirable areas.

And the homes that do come on the market at the low end of these desirable areas get a lot of attention.

LOOK AT THEM CLOSELY, ARE THEY OVERPRICED? DON'T GET SUCKED IN.

 

Debbie Reynolds is hosting this excellent contest on how to get a buyers offer accepted in a "Hot Market".

 

Posted by

Hella Rothwell at Carmel Beach during Concours WeekCarmel-by-the-Sea Beach and Pebble Beach Golf Course California

Buying or selling oceanfront, oceanview, commercial or any type of property in Carmel-by-the-Sea, Pebble Beach, Pacific Grove, Carmel Valley and Big Sur?

Call me and let's meet at beautiful Carmel Beach, in my Carmel-by-the-Sea office on Dolores between 5th & 6th, or in any of the wonderful restaurants, coffee bars, or wine tasting rooms that this city-in-the-forest is known for.

Or let's meet over the phone if you are out of the area.

Listing your property? Call me first and let's establish its value and what it will take to get it ready for sale to get the highest sales price. 

Buying a home? If you are from out of the area, I will preview property on your behalf.  Please call me to discuss how I can help you attain your real estate needs. 

As an independent real estate broker licensed in California and Hawaii, I can represent you with residential real estate, commercial properties & investment opportunities.

For more information

www.HellaRothwell.com & www.RothwellRealty.com

& www.HellaHawaii.com

Member: National Association of REALTORS, California Association of REALTORS, Hawaii Association of REALTORS, Del Norte Association of REALTORS, Honolulu Board of REALTORS. Also MLS Listings in California.

 ________________________________________________________________

Hella Mitschke Rothwell (R)

Real Estate Broker/Owner/Realtor®
Licensed in California #01772851 & Hawaii #RB-21268

Tel. 831-626-4000 

Fax 1-877-822-9332

ROTHWELL REALTY INC.: Su Vecino Court, Lincoln & Dolores between 5th & 6th, Carmel-by-the-Sea, CA 93921

 

MAILING: P.O. Box 4554, Carmel-by-the-Sea, CA 93921

 
Email: HellaRothwell@gmail.com


Hella Rothwell's Facebook Page       Hella Rothwell's YouTube videos      REALTOR LOGO      Equal Housing Logo

 

Disclaimer: Hella Rothwell does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Rainmaker
1,185,461
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Allison James Estates & Homes & Realty One - Carlsbad, CA
Presence,Persistence & Perseverance

Hella M. Rothwell, Broker/Realtor® I often tell my buyers to take a step back, sleep on their decision, then call me in the morning. Failure to do so can result in regret for many years going forward.

Apr 07, 2017 06:27 AM #1
Rainmaker
1,687,098
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Good morning, Hella... never quite thought of describing it as pyromania... but you've made an excellent point. In a hot market a buyer doesn't have the luxury of waiting a week to make up their mind, but they still need not to jump from the frying pan into the fire with both feet.

Apr 07, 2017 06:34 AM #2
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Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Hi Hella you write about some truly beautiful areas. Places where I would love to end up.

Apr 07, 2017 06:38 AM #3
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

If  buyer has lost out on a few homes they tend to get anxious and will jump when the next one comes up just to feel like they have won. Then they sit back and wonder why they did it.

Apr 07, 2017 06:40 AM #4
Rainmaker
2,250,952
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

Hella,  I am seeing a lot of bad behavior on behalf of some listing agents and sellers. They "game" the market and won't work with "appraised values" expecting the buyer to come out of pocket and pay the over-inflated price. Not all buyers have the extra cash laying around to give to the sellers. 

Apr 07, 2017 08:27 AM #5
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Anna Banana Kruchten, CRS
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Hella this stuff has been going on for awhile in my area but only in certain market segments. The high end is flat and there is  a lot of inventory but the low to mid market is hot.  Some LA's are just ridiculous in what they think they can pull off and if they don't REALLY know the market stats (which most don't) they miss the boat many times.

Apr 07, 2017 10:04 AM #6
Rainmaker
362,765
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Anna Banana Kruchten, CRS - "Market segments" - yes, and here it is trying to get into the best "location" for the least money. I don't think that is considered a "hot" market--this never changes on the Monterey Peninsula either. The prices are just skyrocking in certain areas. There is no thing such thing as a "shack" on or near the beach.

Apr 07, 2017 12:55 PM #7
Rainmaker
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Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

This is sage advice from an agent who knows the market and doesn't play games. Wise women! Wise Agents can always get people to reason and be right! I love your writing style!

Apr 17, 2017 07:23 AM #8
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Rainmaker
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Hella M. Rothwell, Broker/Realtor®

Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea
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