Yet historically about 3/4s of the sellers insist on testing the market for weeks or months, just to make sure. Buyers don’t mind waiting, because they usually get a better price when they do.
Realtors get criticized for just wanting a quick sale, but the data shows that selling earlier in the listing period means getting closer to the list price.
The first group here are those houses that sold during their first 10 days on the market, and the second group are those that sold after 11+ days:
NSDCC detached-homes sold between September 1st and October 31st:
Year
#Sales DOM 10-
Avg SP:LP
Med SP:LP
#Sales DOM 11+
Avg SP:LP
Med SP:LP
2014
114
99%
97%
366
93%
96%
2015
115
99%
100%
356
95%
98%
2016
148
98%
101%
390
93%
96%
2017
141
99%
101%
377
95%
99%
2018
115
97%
100%
327
94%
97%
Buyers are demanding a slightly larger discount today, plus sales are also down 15% YoY so a few sellers aren’t budging – but they’re not selling either.
It’s probably never been so important to be sharp on price. Just don’t add any extra mustard!
The buyers cancelled the second escrow on Brava yesterday.
We have had a dozen cash offers, so after the first cancellation I went back to the others and got them to bid it up to $690,000, which is a miracle when the highest offer was $675,000 in the first round.
Other agents since have said, ‘oh, you picked the wrong buyer’. But I’m going to give the high bidder a chance to close every time – I think I have that obligation. If they would have stuck, I would have been a hero.
There is more of a chance that end users will hang in there, but with flippers it tends to be cut-and-dry, and all about the money. There has been some concern about the 2019 market being soft(er), but it’s not stopping them from wanting to buy. They just want to fine-tune the price!
This is a neighborhood with zero lot lines, which you can see in this photo (in yellow). Each home has the exclusive use of one side yard, instead of splitting both sides. You can touch your neighbor’s house, but it does give you more usable space.
I don’t think there will be a noticeable discount needed for the flipper to resell a zero-lot-line house. There are several neighborhoods in Carlsbad, Encinitas, and Carmel Valley that have the zero lot lines, so it’s not that rare.
I wanted to get these three blog posts lined up in a row so readers could see the progression. You have my grainy walk-through video to begin the sequence and get acquainted with the basics, and then this professional version:
My new listing in Rancho Santa Fe! Authentic Old-Spanish custom estate with a legal 2-br guest house on 2.3 acres! Oozing with charm and character borrowed from the old California missions, this sensational one-story has open-beam ceilings, custom cabinetry, wine cellar, 4 fireplaces, and plenty of natural light! Newer infinity-edge pool/slide, outdoor party room, 3-stall barn, tack room, 2 arenas, and on horse trail. Secluded on gated flag lot, and on sewer too. Guest house has newer kitchen & HVAC plus a 2-car garage – wow! Trophy property!
The number of NSDCC detached homes for sale is quite a bit higher today, than it was a year ago – but it isn’t like we haven’t been here before. Look at 2015:
With more competition and fewer sales, it will turn into a year-round market as sellers try longer into the holiday season, and probably start earlier next year.
November 11, 1918 is generally considered the end of World War I.
On the 11th hour of the 11th day, of the 11th month, the battlefields of Europe fell silent after more than four years of fighting. In 1938, Congress declared Armistice Day a holiday, and, in 1954, the name changed to Veterans Day to honor the veterans.
Veterans Day is the day set aside to thank and honor living veterans who served honorably in the military – in wartime or peacetime.
Just two blocks to downtown Encinitas and Moonlight Beach is this fantastic newer 3br/3.5ba, 1,798sf home with hardwood floors, roof deck and 2-car garage! Jim sold this for $1,625,000.
The worrisome spike last month did flatten out, but it does make you wonder if we should adjust our sights.
I agree with Rich that the months of active inventory will probably be rising from now on. But if the coastal market had 3 or 4 months of active inventory, it wouldn’t be a bad thing. Rancho Santa Fe is 7+ and doing fine.
