15 Oct. 2008, The Carmel, Pebble Beach and Area Markets from 10,000 Feet
Better Here Than Elsewhere, But….
Nearly all of our markets are discretionary. People choose to live here.
When they come to the Peninsula, buyers are often acting on their dream of owning a second, or even a third home. Most of our buyers are sophisticated and successful and pay attention to appreciation potential and the cost of money. They track the market and pay attention to statistics.
Given the lack of urgency, many buyers are holding back in hopes of catching the bottom of the market. Others are identifying the home they want, and using their power as strong buyers to negotiate exceptional deals.
Successful sellers are pricing their homes based on today’s comparables not those of 18 months ago. They are staging their homes and paying attention to the details of how a home shows. A home has to look and feel great through photos, brochures, and in person.
It is extremely important that the home is well positioned on the internet and that the brokerage community is educated on its value.
Within the last couple of weeks I put these two properties in escrow, representing the seller. In both cases we made a concerted effort to prepare the homes for the market and create a sense, which was correct, that they wouldn’t last long.
Ocean view home in Carmel
Teapot Cottage Carmel
I strongly advise buyers to submit a detailed approval letter from a lender and proof that they have the downpayment with their initial offer. Make the case that you are qualified and able to close escrow. It will strengthen your hand considerably. My clients and I recently prevailed in several multiple offer situations because we presented clean, well supported offers.
If you would like to discuss strategy, or the market, give me a call on my cell phone at 831-601-4740 or send me an email at malone@malonehodges.com.
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