The old adage, “Buy When Everyone Else Isn’t”, is a favorite.

Currently, the reverse is true – it would be a good time to sell.

With ultra-low mortgage rates, buyers are everywhere, looking for deals.  But the inventory had dried up – all the good buys are in escrow, and new listings coming on are pushing higher on list price.

Two examples:

1. There are only a handful of decent 2,800sf-plus houses for sale under $1,000,000 in Carmel Valley.

2. There is ONE house for sale over 3,000sf, and under $795,000 in all of La Costa Oaks, La Costa Valley, and La Costa Greens.

Last year you could find plenty of offerings in both those categories:

Carmel Valley: In 2011, there were 81 houses sold, and 54 listings that cancelled or expired that were over 2,800sf, and under $1,000,000.

LC Oaks/Valley/Greens:  In 2011, there were 33 houses sold, and 16 listings that cancelled or expired that were over 3,000sf and under $795,000.

Are prices going up?

I don’t think so, for two reasons. A) Buyers would rather be patient and wait for more new listings, and B) the inventory leftovers are the inferior properties – better to wait for the plums.  If prices are going up, it will be with isolated sales, and hard to make a blanket statement or one-liner soundbite. 

The sellers of OPTs should do themselves a favor and dump on price, and get in the game – the market is very active!  If you are thinking of selling, call Jim the Realtor at (858) 560-7700, or email jim@jimklinge.com!

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