It’s no secret that the real estate market has slowed, yes, including Burbank’s. But nonetheless, life goes on – people die; families grow or contract; people get job transfers and/promotions; renters want to buy and start building wealth; etc. Point is, when life happens, you can’t always wait to do what you need to do with your real estate holding(s) in the most favorable market conditions, you have to act now, in today’s market – whatever that market may be. Obviously, higher interest rates for home loans have been the fundamental catalyst for the current slower market. That, along with a continuation of extremely low inventory levels has made for an even more challenging market, more so for Buyers. However, for Sellers, things aren’t as pessimistic. After a historic “low interest rate/Pandemic run up” in property values of approximately 25%, the current market reflects only about a 5% reduction, thus far, from those inflated highs! Again, due to very low inventory levels and Buyers coming to grips with the new normal of higher rates, Burbank Sellers still have the upper hand! BUT, the days of multiple offers written with aggressive terms just to be able to compete, along with the corresponding ever-rising prices are now gone! So, if you’re contemplating selling, FIRST CALL ME 🙂 and keep the following in mind:
First) PRICING Good, bad or transitioning market, appropriate pricing is always the primary key to success in selling a home! With the rise in rates and consequently the Buyer pool becoming smaller, those remaining Buyers are serious and savvy. And due to those higher rates, their monthly costs are hundreds of dollars more, so they’re even more unlikely to get caught up in bidding wars and overpay unless it’s a trophy property with intense interest and they perceive the original list price was appropriate for the current market. SECOND) CURRENT MARKET TIME Today, I tell my Sellers that if you’re still on the market after 30 days with no viable offers and slow showing traffic, it’s a safe bet that you need to make a price adjustment. When the market was flying, that time frame was two weeks! THREE) REPAIRS & CONCESSIONS Again, another remnant of the red-hot market we’ve exited was a sentiment like this: “Sold as is – No concessions, repairs or credits; and if you don’t agree, fine! There are multiple “runner up Buyers” just waiting for you to walk away!” Not so easy to take that attitude these days! We’re back to reasonable repair requests, NOT a wholesale renegotiation of the sale price!
Just a few things to consider. If you’re thinking about selling in THIS NEW MARKET, let me and my 36 years of experience guide you with a more in-depth discussion tailored to your individual situation and property.
