buyers market

Seller’s Settle into the “Waiting Game”

REAL ESTATE NEWS: Seller’s Settle into the “Waiting Game”

Sellers are starting to get the message that the market is no longer tilting in their favor.

Some would-be sellers say they’re holding out for higher prices before selling; 59 percent of respondents say they want to wait for the maximum price on their home, according to Redfin.

For the sellers who are willing to list, they’re coming to terms with the fact that they may not be able to price their home as aggressively as they thought. The double-digit home-price gains of last year have mostly vanished across the country.

SUMMARY:
Overall, homes in the SFV & bordering cities are taking more time to sell, but this varies between neighborhoods, price ranges, and among other things. The price range that is seeing more competition are properties up to $480,000. Moderate overbidding is seldom occurring, but not the overbidding that was occurring a year or two ago. I hope you find this information helpful and insightful.

 

Valerie Valenzuela

Broker / Owner

Market Shift Affecting Sellers, Favoring Buyers

SAN FERNANDO VALLEY & BORDERING CITIES

In the last 90 days, the real estate market has experienced many changes that are noteworthy to many buyers and sellers looking to enter the market in the near future.

I conducted a study to see how many homes that were sold in the last 90 days experienced overbidding (sold more than the asking price).

The results are as follows:

1. Out of 100 homes, 18 homes sold over the asking price. The price range that was sampled was up to $1 million

a. Highest Amount Over Asking Price: $50,000 ($900k range)
b. Lowest Amount Over Asking Price: $1,000 ($450k – 750k range)

2. The areas in which homes sold over the asking price, were neighborhoods with high demand, near above average school districts, and experienced an extensive remodel.

SUMMARY: The market is still experiencing some demand, but the neighborhoods experiencing the most activity are ones with the features / characteristics mentioned above in #2.

 

Valerie Valenzuela

Broker / Owner

Golden Stars Realty