Over the past few years we have seen a tremendous increase in Los Angeles area Real Estate prices. Over the past few months, we have seen less of an increase. Properties are now sitting on the market for well over 50 days, whereas in previous times, it would not be unusual for a property to go into escrow in under 14 Days on Market. We are seeing sellers who are banking on the same past market acceleration and are pricing their properties in anticipation of that increase. It is the exact opposite of the issues we were having in a quickly growing market where appraiser data was not catching up fast enough with prices. In some cases, this leads to difficulty in getting properties appraised for their sale price. We have the inverse happening now, where sellers are OVER pricing their properties. The result of overpricing your property is twofold. One is that it will sit on the market for longer and today’s savvy buyers look at Days on Market (DOM) when shopping online for Real Estate. Two is related to #1, in that when a property has over 30 DOM, buyers start to ask “What’s wrong with it?” and the property can acquire a stigma which repels certain buyers.
So what should you do if you a buyer? What about if you are a seller?
Talk to me.
I work with my clients individually and we consult together to come up with a customized plan suited specifically to their needs and Real Estate goals. There is no “one size fits all” answer when it comes to Real Estate Acquisition and Sale.
I look forward to hearing from you.
Revi Mendelsohn, Realtor 310-963-7384
The Mendelsohn Group | Rodeo Realty Beverly Hills