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There are three types of sellers:

  1. Sure I’m motivated….if I get my price.
  2. I’ll sell for what the market will bear.
  3. Desperate.

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!

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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!

https://www.compass.com/app/listing/929-border-avenue-solana-beach-ca-92075/25353758691121345

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.

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