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.
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 email@example.com!