Buyers are Panning for Gold in the Housing Market

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

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

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

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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Topic:
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Groups:
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The Ninety-ninth Percentile
Club Chaos
Diary of a Realtor
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Rainmaker
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Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

You said it all, and very well, indeed!    

Mar 14, 2010 04:52 AM #1
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Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Thanks.  The good buys do not linger on the market.

Mar 14, 2010 05:04 AM #2
Rainer
33,269
Tony Cordi
Tony Cordi, Broker (Beachtime Realty) - Hermosa Beach, CA

Thank you for sharing.  I see the same thing in the beach cities...

Mar 14, 2010 06:13 AM #3
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Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Tony - It is an interesting market for buyers, sellers and agents. 

Mar 14, 2010 12:11 PM #4
Rainmaker
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Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Well done! Excellent post!

Thank you very much for sharing

Mar 15, 2010 05:44 AM #5
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