In some situations, competing buyer’s bid against one another driving prices up even further in desirable Seal Beach neighborhoods. This challenged real estate professionals and appraisers alike resulting in new neighborhood sales records. Neighbors empowered by these higher sold prices could now turn around, list and sell their Seal Beach homes for more, continuing to drive up prices.
According to the MLS (multiple listing service), in May 2013 the median days on market across the $500,000 – $9 million price range was only 36 days. Well priced homes were literally “flying off the shelves” almost as soon as they were listed for sale. Utilizing technology, my client’s received instant notifications when a new home became available and we raced to see them in hopes of being the first.
By September, the median days on market had increased to 53, representing a 67% increase the time it took to get an accepted offer. In addition, the year over year sales have also steeply declined from 16 homes sold in October 2012 to only 5 homes sold in 2013. The increased days on market and decrease in sales looks very much like a decline in buyer demand.
What could be causing this decline in market momentum? Chances are it’s a combination of factors: the slight increase in interest rates and the still shaky economic forecast combined with the recent government shut down. Usually this can all be boiled down to a decrease in consumer confidence.
If you are considering the sale of your Seal Beach home, here are a few things to keep in mind. When determining what price to list your home for, be careful when comparing it to sales that closed in Spring and Summer. That market has come and gone, the buyer’s that were out en masse just a few months ago are no longer fighting over available homes.
Now is not the time to attempt an “off market sale”. This is where a home owner relies upon word of mouth to get their home sold, commonly referred to as “pocket listings” by real estate professionals. This is most certainly going to result in a lower sales price if the seller is lucky enough to get any offers at all.
Hiring a real estate professional to properly market your home by exposing your home to a broad range of consumer facing websites, in addition to the MLS, will result in a higher sales price. If you opt for an off market sale with no marketing (online or offline), you could be missing that one buyer for your Seal Beach home.
Find your home’s value by clicking HERE.