The Woodbridge residential housing market has been hot. Home sales have bounced back solidly and are higher than they were when the bubble burst, as are just about all Irvine home values. In fact the same applies to home values in most of the country, which are now at their second highest pace since February 2007.
Demand remained strong throughout the summer and I saw bidding wars with most of my listings, which sold at or above listing prices. For example my 24 Cedarlake listing below, sold for full list-price of $875,000 in just 6 days.
What about your house? Now, more than ever, (because we're almost at the "slow" holiday period), if your house hasn't sold, it's time to figure out why.
Yes, marketing, including professionally-taken photos, is very imprtant, but if your house hasn't sold, it is probably because of the price.
26 Woodbridge homes sold in October 2016, at prices from $385,000 for a 1-bedroom, 1-bath attached condo at 19 Briarglen in the Laurels neighborhood, to $1,635,000 for 19 Mallard, a tastefully remodeled 4-bedroom, 3 bath detached SFR in the Place neighborhood.
Half of the Woodbridge homes that sold last month sold for less than the original list price.
If your home is on the market and you are not receiving any offers, look at your price.
Going back to the homes that sold in Woodbridge last month, let's look at the pricing "strategy" of one of them, (on W Yale Loop), that sold after 178 days on the market. Yes, the listing agent faced some challenges, including a less-than cooperative tenant, but here is the priving history:
May 24, 2016: Listed at $749,000.
June 15, 2016: Reduced to $719,000.
August 4, 2016: Reduced to $718,990
August 15, 2016: Increased to $725,000.
October 24: Sold for $710,000
Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.
As I mentioned, the housing market is hot. If you are not seeing results you want, sit down with your agent and revisit the pricing conversation.