The current real estate market is a bit puzzling. Some new listings grow old and stale waiting for the right buyer to come along. Other new listings are sold in a multiple offer feeding frenzy. If the price is not way out of line, and the conditions are similar then why is one seller able to attract many buyers and the other seller is left with none?
My local explanation is location and view. Buyers are cherry picking the best of the housing fruit and leaving the rest to, for lack of a better term, rot on the MLS. Recently a panoramic ocean view home received nine offers. A similar view home in a nearby neighborhood (only blocks away) is still on the market.
The Palos Verdes Peninsula buyers are a savvy bunch. They recognize the little nuances that distinguish a property from the masses. The nine offer home's location was quieter (cul-de-sac), the remodel was at the luxury level instead of run of the mill quality. The price was very attractive and should unexpected circumstances force them to sell in the immediate future, they bought smart: The price was right, the location was right, the condition was right and the view was stunning. It was an "Eureka, I've found it" moment and a gold nugget property.
If any one of the following is less than a ten ranking on the buyer's list, expect to reduce price accordingly:
1. PRICE Attracts Attention and Sells
2. LOCATION Prime Only, or PRICE must reflect
3. CONDITION Counts or PRICE must be reduced accordingly
4. VIEW Matters. A panoramic view property will sell for approximately 40% more than a similar property with no view. (Based on my experience and opinion.) PRICE accordingly.
Price is the great leveler. If the competition has a better view, superior remodel and a better location the best way to compete is to offer a better value. Buyers recognize value and they will hunt it down (with the help of a good real estate agent).
More Buyer's Tips from Norma!
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
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South Bay Los Angeles cities I sell real estate, property, houses 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. Information is deemed reliable but not guaranteed.
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