There are three types of sellers:
Sure I’m motivated….if I get my price.
- I’ll sell for what the market will bear.
Unless the home is a real trophy property, this isn’t the market that tolerates aspirational sellers. For those who will only sell if they get their price – you should wait this out….and it could take a while.
The high-priced listings might get showings, but mostly to buyers who are considering the better-priced home down the street. It will take another six months and some boost from a strong spring selling season before the listings priced at retail-plus will start selling again. And that’s probably optimistic.
I still think the 2023 Spring Selling Season will be boisterous, and the sales volume will pick up – but generally-speaking, I agree with Zillow that pricing won’t be rising. Here are Z’s latest predictions:
SE Carlsbad 92009
Del Mar – 92014
La Jolla – 92037
Rancho Santa Fe – 92067
Carmel Valley 92130
Less than 1% annual increases in prime neighborhoods? Yikes!
There is nothing wrong with being in Plateau City. Sellers just need to recalibrate and be smart about what it takes to sell a home in this environment:
- Hire a great agent.
- Spruce up the home.
- Utilize effective staging.
- Price attractively (be the best-priced active listing).
- Make it easy to show.
That’s all – and if you don’t do all five, it’s ok because there’s nothing that price won’t fix!
An example of #1 is the now-famous property for sale in Del Mar on Border. A buyer thought they could get approvals to build a high-end resort there, but it was put to a vote, and the citizens turned it down. A new buyer is now hoping to turn it into apartments.
It’s been for sale since 2007, or 5,573 days!
P.S. If there is anyone who wonders why their Over-$4,000,000 stats don’t match up with mine, it’s because I take this listing out every week so it doesn’t skew the averages.