Archive for October, 2008
Quick Take on Our Los Angeles Westside Home Market (for Home Owners)
October 23rd, 2008 Categories: For Sellers, Real Estate
These past 2 weeks have been full of questions from clients- What’s happening with the market? Should I wait to buy? Is it going to get better in 6 months? Should we wait to sell until the market recovers? How much is my home worth NOW?
Here’s some food for thought if you’re thinking about selling…
Real quickly, our market is slow. Kind of. If homes are priced right, they are still selling. Same old story. Most of our toniest neighborhoods never have enough homes to sell and that hasn’t changed. Other neighborhoods where you’d expect homes to still sell at a quick clip are just sitting there. What’s happening?
If you price your home based on 2006 figures, you will not sell your home. Just being candid with you. It will sit on the market and you will end up either taking it off the market in total frustration or chasing the market down. I don’t want that to happen to you because you will end up with less in your pocket than had you looked at the figures we’re dealing with for THIS market and priced accordingly.
Homes are still going into multiple offers. A total fixer in Trousdale (Beverly Hills) just had 7 offers on it. Why? Because it had killer views and we never have enough homes in Trousdale- and it wasn’t outrageously priced. A home is coming on the market in Little Holmby that will also have multiple offers on it. Why? Same thing. It’s all about price and value right now.
Basically, the key to selling right now is that the buyer must feel like they’re going to get a deal for your home. Is something spectacular or undeniably valuable about your home? Well, you’re also in a good position. But still keep that price within reason.
If you want to wait, know that it is an option. The market will recover at some point and I think everyone can agree on that. The timing of that is another story. Is it 2 years? 5 years? You must be prepared that your home will still go down in value and then have to head back up to today’s prices. But there’s a silver lining, if you sell now, just know that you may have to take a hit on the price of your current home but you’re going to get a DEAL on your next one!
If you’re thinking about selling, let us know and we can do the numbers for your neighborhood. We’ll tell you exactly if it’s going down or up and by how much. Then you can know what you’re dealing with and make a wise decision on your next step.
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