Real Estate Blog

• Interest rates are hovering in mid to high 6s.  10 year treasury pushed up to 4.6% with war uncertainty.

• Buyers mistakenly feeling it’s a buyers’ market where they call all the shots.  It’s actually pretty balanced!

• Sellers must focus on accurate pricing for location and condition during uncertain times or risk longer market time, and ultimately a lower price.  I know I sound like a broken record!

 An eye-opening 52% of Orange County home sales closed above list price last month!  Buyers who barge in expecting to haggle when a home is priced correctly may be bitterly disappointed.  If a home checks all the boxes and is ready to move-in, priced correctly, and professionally marketed (I can't believe some agents still list homes using iPhone photos!), there will still be multiple offers and buyers will have to pay over list price to secure the home.   Unfortunately, for sellers (and agents who take overpriced listings), over-pricing a home for its condition and location will mean slower open houses, fewer private showings, and possibly no offers until the inevitable price reduction.  Then, sellers are waiting around for that one buyer to bite when the price drops just enough, losing all negotiating leverage that exists when multiple buyers push prices up!   If you're considering selling your home, and the listing agent you interview doesn't go into depth to rationalize his/her suggested list price, and simply accepts the first number you mention, beware.  You may have met an agent who's willing to "buy the listing", and then work on you for a price reduction when the traffic isn't as expected.  You have so many choices of wonderfully experienced agents out there.  You're taking a big risk signing a listing agreement without interviewing several agents and getting multiple opinions on your home's value.  Of course, if that first agent has delivered great results for you before, and presents a compelling case for a list price you're comfortable with, you may not need more opinions, but it never hurts!   After selling homes for almost 17 years, I am fortunate to get calls to list homes with no agent competition.  However, I never assume I'm the only agent being interviewed, and take the opportunity for granted.  I deliver the same researched opinion of market value, marketing strategy, and expectation setting for any client, whether brand new or very familiar.   

Good luck out there!  The economy is unpredictable and many are suffering.  I hope you're doing well, and know that I'm always a phone call away, whether we're old friends, or you're just finding me through the marvels of a Google or ChatGPT search!  Let's talk and let's plan!

Matthew

949 677 3618

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• interview multiple agents (1)
• "buy the listing" (1)
• accurate pricing (1)
• listing presentation (1)