"Obviously there's still a bit of a standoff between buyers and sellers. It looks like unsuccessful sellers would rather take the home off the market than bring the price down, which is remarkable after almost two-and-a-half years of sales declines. Mainly, the price adjustments we're seeing are in more affordable outlying parts of the Bay Area, and those adjustments aren't all that significant except for Solano County," said Marshall Prentice, DataQuick president.This data supports what we have been experiencing in the East Bay real estate market. We are seeing more homes coming back on the market, or being withdrawn from the market as Sellers resist selling their home for what the current Buyers are willing to pay.
In past markets, we advised Sellers looking to move on from their current residence to buy first, without a sale of house contingency. The theory was; they would be in a better position to buy without a contingency, their home would show better if stored items and clutter were taken to the new place, and banks could accommodate help them finance the interim with bridge loans. The past market was so heated and quick that we could nearly guarantee a fast sale and a good price. The current market is less predictable. Now our best advice is sell first so that you know what you can afford on the other end. Too often Sellers equate what they need with what their home is worth. This equation does not work for Buyers, who have seen competing inventory and the most recent sales. As emotional as residential real estate can be, buyers use concrete data to support their contract price; including syndicated press reports, area inventory and past sales. If a Sellers expectations are not met through initial marketing attempts, more time on the market only works to decrease perceived value for the Buyers.
Who you chose to represent you is important. Sellers need to make sure they have the best marketing advice to help them achieve the highest possible price.
- Establish a realistic starting price.
- Prepare the house to show in the best possible light for the lowest pre-market investment.
- Create the most polished marketing presentation.
- Expose the home to the largest possible audience.
- Negotiate solid contractual terms.
- Navigate a smooth transaction.
- Protect your liability, ensuring that you can move on without looking back.
|All Homes|| No Sold |
| No Sold |
| Pct. |
| Median |
| Median |
| Pct. |
Source: DataQuick Information Systems, www.DQNews.com