How To React To A Changing Market
Remember my 2018 Economic Forecast at the beginning of the year?
You have probably noticed more for sale signs in the neighborhood and more price reductions on the real estate internet sites.
Many people are anticipating a change in the marketplace, and buyers are hoping for a price crash as they saw in 2010.
This is not going to happen, folks. This market is very different and all indications point toward a slow down, not a crash.
Best Bets For Buyers
Are you feeling like you should “wait and see” if the market crashes? Is it unreasonable to think that your competitors (buyers who want the same type of home you want) are feeling the same way?
You might assume that the increase in price reductions on homes for sale in Glendale Ca means that prices are coming down. They aren’t. What is coming down are the homeowner’s expectations of a sales price far higher than the last guy got.
Just a few months ago I wrote about the lack of inventory in Glendale and that means the average dollar per square foot price has been pretty steady.
Ask your Glendale CA real estate agent to search for homes that have been on the market for more than 60 days and slightly above your budget. There might be an opportunity to make an offer below the seller’s asking price. Click this link for a list of Dusty DIGGS in your area!
Get good with the ugly duckling.
House Porn (HGTV, Curbed LA, Houzz, Pinterest etc) has changed the expectations of home buyers and the behavior of home sellers. Home buyers expect sexy, done/done homes and they ignore the homes that are just regular normal life. Home sellers hire DIGGS to create that sexy house porn look.
The smart buyer pays attention to the Ugly Duckling home with dead landscaping, dingy paint, dirty carpet and thrift store appropriate furnishings. Every buyer I know says they want the ugly duckling, but I know their heads are always turned by the swan. Don’t be the “every buyer”.
Best Bets for Sellers
Are you feeling like this is just a temporary slow down? Like the slow down might be happening elsewhere, but not in your super desirable neighborhood?
That might be true, but that can change overnight, and there will be no warning.
Skate to where the puck is going to be.
We are coming off a market where the seller had a heavy advantage and almost anything sold. Next year the seller will have only a slight advantage, and some homes will not sell at all.
The smart seller anticipates this and uses price, marketing, and staging to aggressively attract all the available buyers. The result will be a sales price at or above the current market. Click here to see current Glendale Ca home price trends.
Learn from Neiman Marcus.
Do you believe a blouse purchased at Ross Dress for Less is more, or less, expensive than one purchased at Neiman Marcus?
The biggest difference between the two is often the different marketing and merchandising standards.
Neiman Marcus looks good, smells better, and the people who help you are experts in blouses. This gives the blouse sold at Neiman Marcus a perception of great value- but there is often little difference between it and the one sold at Ross.
If this technique works so well for a blouse, why in the world wouldn’t you do this for your home? Your home should not be the one fallen off the hanger and left, forgotten and dirty, under the clothes rack.
Click the link to get your copy of DIGGS 50 Top Tips For Selling Your Home.