Real Estate Trends
Apr 01, 2017 10:02PM ● Published by Don and Norma Flaskerud
Many areas around the entire country, including ours, are experiencing a shortage of homes for sale. Sure, the seller advantage makes it fun for the homeowners who can sell with little competition, but buyers are chomping at the bit. The seller gets multiple offers, the price bids up, and buyers are willing to take things as-is like a dead furnace or a bad roof.
Buyers are discouraged, and we feel for them! If they do get a house, they are often paying top dollar, more than a similar house sold for weeks or months ago. Saga of a house in Clayton: yes, it was remodeled to the nth degree, gorgeous in and out, backing to open space. It was priced at $750,000, a price supported by recent comparable sales. The open house brought tons of visitors and 17 offers! A bid of $775,000 was not even in the ballpark. The sales price ended up well over $800,000 (until it closes, the listing agent cannot reveal the final closing price). It’s a lovely thing for the sellers. But there are 16 disappointed buyers out there, still searching.
In Pleasant Hill, we put up a “Coming Soon” sign while our seller was clearing out the house, getting it in shape to sell. We suddenly got offers and shared them with the seller. One was so good the out-of-state seller felt relieved to be done and accepted it. We counseled them that with full market exposure they would have gotten more money, but without having to paint, do floors, clean or anything else? Sold! Another reason for low inventory is that some sellers are keeping the old house when they buy new for a rental since rents are so high. And some are not selling at all because finding the move-up or move-down house is so challenging.
Spring is in the air. Daffodils are blooming; gardens are perking up after a wet, cold winter. Let’s hope more homeowners perk-up and put homes up for sale so the tight inventory will loosen up and we will see more smiling homebuyers.
The Fourth of July may seem like months away, but we want those of you who enjoy the annual fireworks display in Pleasant Hill to think about donating to make it even grander. We (Don and Norma) have offered to match donations this year so that the fireworks can be increased to spectacular! Send your donations to 4th of July Commission, PO Box 23272, Pleasant Hill, CA 94523, and we will match it, up to $5000, for a total of $10,000 increase in money spent on fireworks! Let’s make it grand!