It has been some time since I have posted and it is not because I do not like to blog or have forgotten it is all about the time - and the lack of it! Our Ventura County market has picked up speed and is in full blown crazy mode! I read an article today on MSN or some "news" site about how bad the market is, how March saw the lowest sales ever, yada yada yada and I have to say I have had my BEST March sales ever, nearly my best YEAR ever - now how is that possible? It's not according to the media who continues to grind our business into the dust!
Very frustrating as a Real Estate Professional who makes home buying and selling my business. But I can tell you this: If you are watching the market you will see more homes are selling than coming on - in fact, for the past 45 days - if not more, on average 80 homes come on market - but (on average) 95 are selling! How can this be if our market is so bad, in the slumps, etc? I have no idea, but I can tell you that if you price your home right, it will sell - in 14 days or less!
If after 2 weeks your home has not sold, it is because it is too high - bottom line and for no other reason! I send my clients current comparables for the last 30 to 45 days - and use this as a guide; if there happens to be no homes having sold in the last 30 to 45 days, I pull 2005 sales and use a formula I have created that matches today's home prices - and it works! However, it only works if the seller is willing to be realistic and see that yes, our market has changed, yes, prices have not gone up, yes, prices have leveled off.
I wrote an offer for a client a few days ago and the listing agent told me that the home was priced low in order to sell quickly. It has been a little more than 2 weeks and guess what? It hasn't sold! There have been 2 identical offers - and the seller countered both of them - and the home has not sold. Yes, the home is nice, yes, it is in a great area, but we are talking about a home that needs approx. 75k worth of work - which means it cannot be priced at the top of the market with similar properties not needing the work - it is not that type of a market. And this is hard when you have agents not realizing this, either!
Buyers are savvy today and don't want to overpay no matter how much they love the home! With the media predicting further price drops - and honestly I cannot say whether or not this will happen - it is tough to ask a buyer to do so. I encouraged my buyer to walk and find another home and I hope that they can and feel good about it; this particular home will sit - and the agent will finally see the light - after about 60 days.
Remember, I am hear for general questions, too, and you can always visit my website for the latest listings!