Whether you are thinking of selling opportunistically or for a specific reason, you're going to have a price in mind.
You've got your number. Zillow has a number for you. You'll entertain one or more agent/broker opinions.
There's one force out that that doesn't give a darn what any of you think: the…
Whether you are thinking of selling opportunistically or for a specific reason, you're going to have a price in mind.
You've got your number. Zillow has a number for you. You'll entertain one or more agent/broker opinions.
There's one force out that that doesn't give a darn what any of you think: the market.
Everyone eventually learns this lesson, but it was dramatically the case with a recent sale in the Hill Section.
A 2001-built Mediterranean in the Hill Section at 873 11th (4br/4ba, 3500 sqft.) came out of the gates in January 2016 looking good, with recent remodeling to the kitchen and master.
It was nicely timed to take an early shot at last year's Spring market.
But it was not nicely priced at $3.859M.
There were 5 substantial price cuts over 5 months, bringing the asking down eventually to $3.275M, but it rented out instead. (For $11,500/mo.)
After the rental period, the sellers put a little more work in, particularly by painting the exterior a soft white to give the home a more elegant, classical Spanish flavor all around.
By this July, however, the market wasn't even at $3.275M. To get it sold now required a further cut from the last offering price.
The start was $3.199M this time.
And this time, instead of running 5+ months, the home sold in 15 days.
The closed price: $3.135M.
That's fully $724K lower than the initial aspiration near $3.9M, a flight of fancy that turned out to be 19% too high.
Dave had clients looking at the home last year when it was drastically overpriced. The confidential advice then was, almost exactly, "Oh my, this might be 20% high. This one will take some time to get real."
Those buyers kicked the tires at 873 11th, and even toyed with making a "low" offer. But they found something more to their liking and properly priced. Surely they weren't the only ones to do so.
In a manner of speaking, last year, the market moved on, not caring what the sellers' thoughts or goals were.
This year, with a change in approach, the market embraced the property and it was gone almost before you knew it - in mid-Summer, no less.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 17th, 2024 at 10:17pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.